September 2005 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

Analysis.—Summary of Economic Indicators....................................................................................................................... 3

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations............................................................................................................................ 11 

Analysis.—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source...................... 12 

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 14 

FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 14 

FFO-1.—Summary of Fiscal Operations............................................................................................................................. 15 

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 16 

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 18 

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency....................................................... 20

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 21 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 21

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 23 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 24 

FD-2.—Debt Held by the Public ......................................................................................................................................... 25 

FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................... 26 

FD-3.—Government Account Series................................................................................................................................... 27 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 28 

FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by 

 Private Investors .................................................................................................................................................... 29 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 30 

FD-6.—Debt Subject to Statutory Limitation (Historical) .................................................................................................. 30 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 31

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 33 

TREASURY FINANCING ................................................................................................................................................. 33 

PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly 

 and 52-Week Treasury Bills Outstanding............................................................................................................ 37 

PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 42 

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 43 

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 44 

SBN-1.—Sales and Redemptions by Series, Cumulative.................................................................................................... 44 

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 45

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ........................................................................... 45
September 2005 

IV 

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 47 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 48 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical).................................... 49 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 50

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 51 

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 51

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 52 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ............................................................................... 52 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 53

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 57 

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 57 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 58 

IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other 

 Residents of Foreign Countries.............................................................................................................................. 59

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 60 

SECTION I.—Liabilities to Foreigners Reported by Banks in the United States 

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 63 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 64 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 66 

CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers 

 with Respect to Selected Countries...................................................................................................................... 68 

SECTION II.—Claims on Foreigners Reported by Banks in the United States 

CM-II-1.—Total Claims by Type........................................................................................................................................ 69 

CM-II-2.—Total Claims by Country ................................................................................................................................... 70 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 72 

CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers 

 with Respect to Selected Countries...................................................................................................................... 74 

SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States 

CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly

 Reported Separately......................................................................................................................................... 75 

SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises 

 in the United States 

CM-IV-1.—Total Liabilities and Claims by Type............................................................................................................... 76 

CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 77 

CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country ...................................................................................... 79 

CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 81 
September 2005 

V

Contents 

SECTION V. —U.S. International Transactions in Long-Term Securities 

CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.............................................. 83 

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type................................................. 84 

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................................... 85 

CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type 

 and Country, during (second quarter) ............................................................................................................... 87 

CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type 

 and Country, during (calendar year) ................................................................................................................. 89 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 91 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 92

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 93 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 94 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 95 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 95 

SECTION II.—Japanese Yen Positions 

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 96 

FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 97 

FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 97 

SECTION III.—Swiss Franc Positions 

FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 98 

FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 99 

FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 99 

SECTION IV.—Sterling Positions 

FCP-IV-1.—Weekly Report of Major Market Participants............................................................................................... 100 

FCP-IV-2.—Monthly Report of Major Market Participants.............................................................................................. 101 

FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................. 101 

SECTION V.—U.S. Dollar Positions 

FCP-V-1.—Weekly Report of Major Market Participants ................................................................................................ 102 

FCP-V-2.—Monthly Report of Major Market Participants............................................................................................... 103 

FCP-V-3.—Quarterly Report of Large Market Participants.............................................................................................. 103 

SECTION VI.—Euro Positions 

FCP-VI-1.—Weekly Report of Major Market Participants............................................................................................... 104 

FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 105 

FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 105 

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 106 

ESF-1.—Balance Sheet ..................................................................................................................................................... 106 

ESF-2.—Income and Expense........................................................................................................................................... 107
September 2005 

VI 

Contents 

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 111 

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account. ................................................................... 111

 

RESEARCH PAPER INDEX............................................................................................................................................ 112

GLOSSARY ...................................................................................................................................................................... 113

ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of 

rounding; p = Preliminary; n.a. = Not available; r = Revised. 

SPECIAL REPORTS 

Trust Funds 1-8, published in the December issue of 

the Treasury Bulletin, are scheduled to be 

discontinued starting with the December 2006 issue. 

Trust fund information can be found in the Monthly 

Treasury Statement, www.fms.treas.gov/mts, and the 

Budget of the United States Government, 

www.whitehouse.gov/omb/budget. 

Comments or concerns regarding the discontinuation 

of these tables can be forwarded to the Treasury 

Bulletin staff at treasury.bulletin@fms.treas.gov. 
September 2005

VII

Nonquarterly Tables and Reports

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports

are listed below along with the issues in which they appear.

Issues

March June Sept. Dec.

Federal Fiscal Operations

FFO-5.—Internal Revenue Receipts by State................................................................................................ v

FFO-6.—Customs Collections of Duties, Taxes and Fees by Districts and Ports................................ v

Special Reports

Financial Report of the United States Government excerpt ................................................................ v

Trust Fund Reports:

Airport and Airway Trust Fund................................................................................................ v

Aquatic Resources Trust Fund................................................................................................ v

Black Lung Disability Trust Fund................................................................................................ v

Civil Service Retirement and Disability Fund................................................................ v

Federal Disability Insurance Trust Fund ................................................................................................ v

Federal Hospital Insurance Trust Fund................................................................................................ v

Federal Old-Age and Survivors Insurance Trust Fund................................................................ v

Federal Supplementary Medical Insurance Trust Fund................................................................ v

Harbor Maintenance Trust Fund................................................................................................ v

Hazardous Substance Superfund................................................................................................ v

Highway Trust Fund................................................................................................................................ v

Inland Waterways Trust Fund................................................................................................ v

Leaking Underground Storage Tank Trust Fund................................................................ v

National Service Life Insurance Fund................................................................................................ v

Nuclear Waste Fund................................................................................................................................ v

Oil Spill Liability Trust Fund................................................................................................ v

Railroad Retirement Account................................................................................................ v

Reforestation Trust Fund................................................................................................ v

Unemployment Trust Fund................................................................................................ v

Uranium Enrichment Decontamination and Decommissioning Fund................................ v

Vaccine Injury Compensation Trust Fund ................................................................ v

Wool Research, Development, and Promotion Trust Fund................................................................ v
OPERATIONS

ProfileoftheEconomy

FederalFiscalOperations

AccountoftheU.S.Treasury

FederalDebt

PublicDebtOperations

U.S.SavingsBondsandNotes

Ownership ofFederalSecurities

MarketYields

U.S.CurrencyandCoinOutstanding

andinCirculation
September 2005

3

Growth of Real GDP

4.3 4.5 4.7

2.2

0.2

1.9

4.0 3.8 3.6

0

1

2

3

4

5

6

97 98 99 0 01 02 03 04 05*

(Percent change, fourth quarter to fourth quarter)

*2005 based on second quarter

Profile of the Economy

[Source: Office of Macroeconomic Analysis]

Real gross domestic product (GDP)

The advance estimate of real gross domestic product 

(GDP) showed annualized growth of 3.4 percent in the

second quarter of 2005, down slightly from the 3.8 percent 

annual pace set in the first quarter. Annual revisions to the 

GDP data lowered previous estimates of GDP growth

measured fourth quarter to fourth quarter from 3.9 percent to 

3.8 percent in 2004, from 4.4 percent to 4.0 percent in 2003, 

and from 2.3 percent to 1.9 percent in 2002. 

Personal consumption expenditures continued to expand 

at a moderate 3.3 percent annual rate in the second quarter 

following the 3.5 percent pace set in the first quarter. The 

slight deceleration occurred as real household spending on 

energy goods fell. 

The pace of business fixed investment picked up to a 9.0 

percent annual rate in the second quarter after posting 5.7 

percent growth in the prior quarter. Investment in equipment 

and software rose at an 11.0 percent clip in the second 

quarter, while investment in structures rebounded to post an 

annualized gain of 3.1 percent after slipping 2.0 percent in 

the first quarter. Residential investment maintained its recent 

strong growth in the second quarter, climbing 9.8 percent at 

an annual rate above the prior quarter. A sell-off in private 

inventories in the second quarter acted as a drag on the GDP 

growth rate, subtracting 2.3 percentage points.

Exports posted a solid 12.6 percent annual growth rate in 

the second quarter after a 7.5 percent increase in the first 

quarter. Imports contracted at a 2.0 percent rate in the

second quarter, the first quarterly decline since early 2003. 

The strong export growth and lower imports combined to 

contribute 1.6 percentage points to overall GDP growth and 

narrow the trade gap from a record $645.4 billion (constant 

2000 dollars) in the first quarter to $601.3 billion.

Growth of Government spending held steady at a 2.0 

percent annualized rate after increasing 1.9 percent in the

first quarter. Although Federal Government spending slowed 

from a 2.4 percent clip in the first quarter to 1.3 percent in 

the second, state and local Government spending growth 

picked up from an annualized rate of 1.6 percent in the first 

quarter to 2.4 percent in the second quarter.
PROFILE OF THE ECONOMY

September 2005

4

Inflation

Inflation has slowed a bit so far this year from last year’s 

pace. The consumer price index rose at a 3.1 percent annual 

rate during the first half of the year, off slightly from the 3.3 

percent increase during all of 2004. This followed a 1.9 

percent rise during 2003. Energy prices jumped at a 14.1 

percent annual rate through June, while the cost of food has 

risen by a moderate 2.3 percent. Core consumer prices

(excluding food and energy) have continued up at a 2.2 

percent pace, the same as during 2004 but still above the 

exceptionally low 1.1 percent during 2003. 

Inflation at the producer level has also eased this year. 

Overall finished goods prices rose at a 2.4 percent annual 

rate over the first 6 months of the year, off from an increase 

of 4.2 percent during 2004. The rise in energy prices has 

slowed from 13.4 percent last year to an 8.5 percent annual 

rate this year. Core finished goods inflation was 2.2 percent 

through June, little changed from last year. Core inflation 

has been creeping up from a slight decline during 2002. 

Further back in the production chain, the cost of core

intermediate materials has slowed from an 8.3 percent jump 

last year to a 2.5 percent increase during the first half of this 

year. Prices of core crude materials dropped at a 21.8

percent rate so far this year, offsetting a surge of

20.5 percent last year.

Labor cost increases have slowed a little in 2005. Hourly 

compensation costs as calculated in the national income 

accounts for the private nonfarm business sector increased at 

a 5.3 percent annual rate during the first half of the year, off 

a little from the 5.8 percent gain registered across the four 

quarters of last year. The 2005 increase was faster than the 

2.7 percent annual rate rise in productivity. As a result, unit 

labor costs have risen at a 2.3 percent rate so far this year. 

This represents a deceleration from the 3.2 percent increase 

during 2004 and is consistent with moderate inflation. The 

employment cost index for total compensation, a fixedweighted compensation measure, increased by 3.2 percent 

during the 12-month period ending in June 2005, off from 

the 3.9 percent increase during the 12 months ending in June 

2004. Almost all of the deceleration resulted from a slowing 

in the rate of increase in benefit costs to 5.1 percent. Wage 

increases remained subdued at 2.4 percent over the past year.

0

1

2

3

4

5

6

7

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)
PROFILE OF THE ECONOMY

September 2005

5

Employment and unemployment

Labor markets appeared strong as of mid-2005. Nonfarm 

payroll employment increased by 207,000 in July. So far this 

year, payrolls have expanded by an average of 191,000 per 

month, up from last year’s 183,000 pace. Since payroll

employment reached a low point in May 2003, the economy 

has created nearly 4.0 million jobs. 

Job gains were fairly widespread in July. Employment in 

retail trade rose a strong 50,000, and the professional and 

business and leisure and hospitality categories each posted 

gains of more than 30,000. Construction employment was up 

by 7,000 in July. This sector has added a solid 23,000 jobs 

per month over the past year. One of the few downsides in 

the latest report was a 4,000 decline in manufacturing jobs. 

Over the latest 12 months, factory payrolls have fallen by 

65,000. 

The unemployment rate remained unchanged at 5.0

percent in July, the lowest level since September 2001. A 

breakdown of the data also shows that the unemployment 

rate among blacks declined to 9.5 percent in July, the lowest 

level since October 2001. Among Hispanics, the

unemployment rate eased to 5.5 percent, the lowest level 

since October 2000. The labor force participation rate edged 

up to 66.1 percent in July. That is up from a 17-year low of 

65.8 percent earlier this year. In a further sign of a

strengthening labor market, the employment-population ratio 

(the share of the working-age population that is employed) 

increased to 62.8 percent in July, the highest share since late 

2002. 

The average workweek held steady at 33.7 hours for the 

third consecutive month in July. Aggregate production hours 

edged up 0.2 percent because of the employment increase. 

Average hourly earnings advanced by 0.4 percent in nominal 

terms in July, the largest monthly gain in a year, and are up 

2.7 percent since July 2004. The year-over-year gain in real 

hourly earnings turned positive in June as nominal earnings 

outpaced inflation for the first time in more than a year. 

(Earnings in real terms are not yet available for July.)

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

96 97 98 99 00 01 02 03 04 05

(Percent)

July 2005

5.0%

Payroll Employment

190 182 195

33

134

101

177

231

-18

-85

-30 -42 -21

-88

-281

9

-161-160

-400

-300

-200

-100

0

100

200

300

400

I II III IV I II III IV I II III IV I II III IV I II

(Average monthly change in thousands)

2001 2002 2003 2004 2005
PROFILE OF THE ECONOMY

September 2005

6

Real disposable personal income and 

consumer spending

Nominal personal income increased at a 5.8 percent

annual rate in the second quarter of this year following a 

12.7 percent surge in the fourth quarter of last year and an 

increase of 2.6 in the first quarter. The divergence in the

growth during the previous two quarters largely reflected a 

one-time dividend payout by Microsoft in December that 

sharply boosted dividend income in the fourth quarter.

Wages and salaries, which account for more than half of 

personal income, rose at a 5.0 percent annual rate in the

second quarter following an increase of 6.2 percent in the 

first quarter. Growth in personal interest income has

continued to pick up, increasing at an 8.3 percent annual rate 

in the second quarter. Interest income has now risen for three 

consecutive quarters. Prior to these increases, interest

income had been falling on average since 2000. Dividend 

income rose at a 9.5 percent annual rate in the second

quarter and has now grown at a healthy pace for almost 4 

years. 

Disposable (after-tax) income adjusted for inflation

increased at a 1.4 percent annual rate in the second quarter.

This was down from the 2.7 percent pace during 2004 and 

the first quarter of this year. Real consumer spending

continued to rise moderately, increasing at a 3.5 percent 

annual rate in the first quarter and by 3.3 percent in the

second quarter. These followed a gain of 3.8 percent during 

2004. With spending increasing at a faster rate than income, 

the personal saving rate fell to a very low 0.2 percent in the 

second quarter. The saving rate has on average been falling 

since reaching a quarterly post-World War II high of

12.2 percent in 1981.

Industrial production and capacity 

utilization

Output from factories, mines, and utilities increased 2.1 

percent at an annual rate in the second quarter of 2005, down 

from a 3.6 percent annual rate in the first quarter. Over the 

12 months ending in June, output increased by a solid 3.9 

percent.

Manufacturing production, which accounts for about 82 

percent of all industrial output, grew 1.5 percent at an annual 

rate in the second quarter after a 4.0 percent advance in the 

first quarter of 2005. Gains averaged about 5.0 percent in the 

previous four quarters. The deceleration in the second

quarter was related to sharp declines in the production of 

motor vehicles and parts, as well as nonenergy industrial 

materials. Output of high-technology goods (computers,

communications equipment, and semiconductors) rose at a 

12.8 percent annual rate increase in the second quarter after 

a 29.4 percent surge in the first quarter. The deceleration in 

high-technology production reflected a wide swing in semiconductor and communication equipment. Output of

computers and peripheral equipment maintained strong,

steady growth during the first half of 2005. Production of 

motor vehicles and parts declined at a 4.3 percent annual rate 

in the second quarter after rising 2.7 percent in the first 

quarter. Motor vehicle production surged by 16.3 percent at 

an annual rate in the fourth quarter of 2004. Apart from

automobiles, manufacturing output rose at a 2.0 percent 

annual rate in the second quarter, slowing from the first 

quarter’s 4.1 percent annual rate.

Production at utilities, which accounts for 10 percent of 

total industrial output, rose at a 6.0 percent annual rate in the 

second quarter after falling by 3.2 percent in the first quarter, 

a pattern related to unseasonable weather. Output at mines 

(the remaining 8 percent of industrial output) increased 4.3 

percent in the second quarter, slowing from an 8.4 percent 

rise in the first quarter (which followed three straight

quarterly declines). 

The capacity utilization rate for the industrial sector

edged up to 79.5 percent in the second quarter of 2005, from 

79.3 percent in the first quarter. Although capacity

utilization has risen in each of the last eight quarters, it 

remains 1.5 percentage points below its long-term average of 

81.0 percent. Capacity utilization in the manufacturing

sector was 78.2 percent in the second quarter, in line with 

the 78.1 reading in the first quarter but still 1.6 percentage 

points below its long-term average of 79.8 percent. 

Utilization in the high-technology industries edged down to 

71.7 percent in the second quarter, from 71.8 percent in the 

first quarter, and was still 6.6 percentage points below its 

long-term average of 78.3 percent.

Nonfarm productivity and unit labor costs

Productivity growth slowed somewhat in the middle of 

2005, although the trend over a longer period of time still 

appears strong. Preliminary second quarter data showed that 

nonfarm business productivity (real output per hour worked) 

rose at a 2.2 percent annual rate, down from 3.2 percent in 

the first quarter. (The latest productivity numbers included 

data revisions back to 2002.) 

Over the most recent four quarters, labor productivity 

was up 2.3 percent, down from the rapid 4.2 percent rate 

registered in the comparable four-quarter period a year ago. 

That 2.3 percent pace is also slightly lower than the average 

rate of productivity growth in the latter half of the 1990s. 

However, over the past 4-1/2 years, productivity has risen at 

a 3.3 percent rate, still strong by historical standards. 

Hourly compensation costs in the nonfarm business

sector rose at a 3.5 percent annual rate in the second quarter, 

down from 6.9 percent in the first quarter. These costs were 

up 6.7 percent over the most recent four quarters. Unit labor 

costs, hourly compensation divided by productivity,

increased at a 1.3 percent annual rate in the second quarter, 

down from 3.6 percent in the first quarter. Unit labor costs 

were up 4.3 percent over the most recent four quarters, 

following a decline of 0.4 percent in the year-earlier fourquarter period. 

Productivity in the manufacturing sector rose at a 4.1 

percent annual rate in the second quarter and was up a solid 

4.7 percent over the most recent four quarters. That is a 
PROFILE OF THE ECONOMY

September 2005

7

slower pace, however, than the 5.8 percent rate of growth 

averaged over the past 4 years. 

Hourly compensation costs in manufacturing advanced at 

a 6.6 percent annual rate in the second quarter and were up 

8.6 percent over the most recent four quarters. Factory unit 

labor costs rose at a 2.3 percent annual rate in the second 

quarter and were up 3.7 percent over the most recent four 

quarters. 

International transactions

The current account measures trade in goods and

services as well as the flow of investment income and

unilateral transfers (including Government grants and

pension payments as well as private transfers to and from 

foreigners). The current account has been in deficit almost 

continuously since the early 1980s but has fluctuated widely 

over time. In the first quarter of 2005, the current account 

deficit widened by $27 billion to a new high of $780 billion 

at an annual rate, equivalent to a record 6.4 percent of GDP. 

Net outflows for unilateral transfers surged to an all-time 

high, accounting for nearly three-quarters of the

deterioration in the current account. The disbursement of

U.S. Government grants to Israel and Egypt was largely 

responsible. The merchandise trade deficit also reached a

record level in the first quarter. Those developments were 

partly offset by gains in the surpluses on trade in services 

and investment income. Data on trade in goods and services 

during the first 2 months of the second quarter suggest some 

improvement in the current account balance may be on tap 

for the second quarter.

By definition, the current account is matched by

offsetting transactions in the capital and financial accounts 

with any difference in the recorded flows listed as a

statistical discrepancy. Capital account transactions, which 

consist mainly of debt forgiveness and wealth transfers

associated with immigration, jumped to nearly $18 billion at 

an annual rate in the first quarter, up sharply from quarterly 

gains averaging less than $2 billion over the prior 4 years.

The increase resulted from debt forgiveness for Iraq.

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows (the difference between net foreign 

purchases of U.S. assets and U.S. purchases of foreign

assets) amounted to nearly $662 billion at an annual rate in 

the first quarter, about $14 billion less than in the fourth 

quarter. Financial inflows for foreign-owned assets in the 

United States slowed to $904 billion in the first quarter from 

a record $1.8 trillion at the end of 2004. Three-quarters of 

the drop was due to a large swing in U.S. liabilities to 

foreigners reported by U.S. banks. Private foreign purchases 

of non-Treasury securities fell from an unprecedented level 

in the fourth quarter as acquisitions of U.S. equities,

corporate bonds, and federally-sponsored agency bonds all 

slowed. Foreign official assets in the United States also grew 

at a slower pace in the first quarter, with official purchases 

of Treasury securities moderating to the smallest amount in 

2-1/2 years. Foreign direct investment eased as well. Partly 

offsetting those developments was a pronounced pickup in 

foreign private purchases of U.S. Treasuries. On the other 

side of the financial balance sheet, net U.S. outflows for 

overseas assets totaled $243 billion in the first quarter, down 

from $1.2 trillion in the fourth quarter. 

Exchange rate of the dollar

The dollar peaked in February 2002 and has since

followed a generally depreciating trend with a few periods of 

temporary strengthening. In the 34-month period between 

the 2002 peak and December 2004, the nominal exchange 

value of the dollar relative to a broad index covering the 

currencies of 26 important U.S. trading partners depreciated 

by 16 percent. During the subsequent 7 months, through July 

2005, the dollar has risen by 3.2 percent. The cumulative 

decline from the February 2002 peak to July 2005 was 13.4 

percent.

The aggregate decline mainly reflected dollar weakness 

against the seven currencies of the United States’ major 

trading partners, including the euro area countries, Japan, 

Canada, the United Kingdom, Australia, Sweden, and

Switzerland. Between February 2002 and July 2005, the

exchange rate of the dollar compared to an index of these 

currencies fell by 23.4 percent. Dollar depreciation against 

the yen and the euro, whose combined weights account for 

roughly 55 percent of the major index, was largely

responsible. Over the same period, the dollar/euro exchange 

rate fell by 28 percent and the dollar/yen exchange rate fell 

by 16 percent.

With respect to the currencies of many other important 

trading partners, the dollar is roughly the same as it was in 

February 2002. It has had several fluctuating periods of

appreciation and depreciation since February 2002, but by 

July 2005, the exchange value of the dollar compared to an 

index of currencies that includes Mexico, China, Brazil, and 

seven other Asian countries was virtually the same as in 

February 2002.
PROFILE OF THE ECONOMY 

September 2005

8 

Interest rates 

At its most recent meeting in August 2005, the Federal 

Open Market Committee (FOMC)−the Federal Reserve’s 

policy-making arm−raised the Federal funds target rate by 

25 basis points to 3.5 percent, the tenth hike in the current 

cycle of monetary tightening (begun in late June 2004). 

Previously, the FOMC had held the Federal funds target (the 

rate that banks and other financial institutions charge each 

other for overnight loans) constant at 1 percent for 1 year. 

Even so, at the relatively low level of 3.5 percent, the 

Federal Reserve’s monetary stance remains accommodative. 

In the Treasury market, the 3-month Treasury bill rate 

started rising in early May 2004 in anticipation of the latest 

monetary tightening cycle. Over the past 15 months, the rate 

has risen by about 240 basis points to 3.4 percent in early 

August. Although the 10-year Treasury yield initially rose to 

about 4.8 percent in May 2004 (also in anticipation of faster 

growth and monetary tightening), it has trended lower over 

much of the 15 months. After declining to as low as 3.95 

percent in early June 2005, the rate has fluctuated in a 

somewhat higher range, but at 4.35 percent as of early 

August, is still about 50 basis points lower than in spring 

2004. 

Mortgage interest rates generally follow movements of 

the 10-year Treasury rate and have fluctuated in a fairly 

narrow band around low level for about 2 years. The low 

rates have contributed to record home sales as well as 

mortgage refinancings, helping to free additional cash for 

consumption. This year the rate has ranged between about 

5.5 percent and 6.0 percent, and in early August was near the 

middle of that range. 

Corporate bond yields reflect movements in long-term 

Treasury yields as well as numerous other factors. Moody’s 

seasoned Baa yield has traded near the 6.0 percent mark for 

the past 5 months, reaching a low of 5.85 in June before 

edging up to an average 5.95 percent in July. The spread 

between the Baa yield and the 10-year Treasury yield, a 

measure of investor risk appetite, has narrowed to an 

average of 1.8 percentage points as of July, down from 

nearly 4 percentage points in late 2002, suggesting investors 

have become much more optimistic about business 

prospects. 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004 2005

Short-term Interest Rates

Federal funds

rate target

3-month Treasury bills

(Percent)

`

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004 2005

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)
PROFILE OF THE ECONOMY

September 2005

9

Housing

The housing sector continued to perform remarkably 

well in the second quarter of 2005. Real residential

investment accelerated slightly, and sales of single-family 

homes climbed to a new all-time high. The homeownership 

rate eased slightly but remained close to the record level 

recorded in the spring of 2004.

Housing starts declined by 13 percent at an annual rate to 

a 2.012 million unit annual rate in the second quarter after 

surging to a 27-year high of 2.083 million in the first quarter. 

Even so, the pace of real residential investment picked up to 

a 9.8 percent annual rate from the 9.5 percent pace posted in 

the first quarter, due to a surge in brokers’ commissions 

stemming from the record pace of home sales. 

Sales of new single -family homes jumped by 27 percent 

at an annual rate in the second quarter to an annualized pace 

of 1.326 million, a new high for this series which dates back 

to 1963. Resales of existing single-family homes rose by 22 

percent at an annual rate to a pace of 6.290 million- also a 

record. Despite the unprecedented strength of home sales, 

the homeownership rate slipped by 0.4 percentage point to 

68.8 percent in the second quarter and is down 0.6 point 

from an all-time high of 69.4 percent a year earlier.

The strong pace of home sales was due in part to falling 

interest rates. The average rate on a 30-year conventional 

mortgage declined by nearly 50 basis points over the course 

of the quarter from 6.04 percent in early April to 5.57

percent in the last week of June. Although mo rtgage rates 

rose in July, they still remain very favorable. 

Residential construction and home sales will likely

remain strong in the near-term, although further large gains 

are not anticipated. The number of building permits issued in 

the second quarter rose to a 32-year high, and the backlog of 

unused permits reached their highest level since 1978. Both 

indicators bode well for home building. Citing the

combination of low mortgage rates and strong job and

income growth, the housing industry is now expecting 2005 

to be another record year for home sales.

Federal budget

The Federal budget deficit was $250 billion through 9 

months of fiscal year 2005, $77 billion less than in the

comparable months of the previous fiscal year. The deficit 

has been narrowing as receipts of withheld individual

income and employment taxes were up 4.5 percent from the 

same period in fiscal year 2004. Nonwithheld individual 

income and employment taxes (which are estimated and paid 

quarterly) jumped 28.6 percent in the first 9 months of the 

fiscal year compared to last year. In addition, net corporate 

income tax receipts have soared 41.0 percent as profits

strengthened. Total receipts through the fiscal year to June 

have risen 14.6 percent from the same months last year, or 

$204 billion. Outlays were up 7.3 percent so far this fiscal 

year from last year, or $127 billion.

Mainly because of the boost to tax payments, the

Administration cut its estimate of the fiscal year 2005 deficit 

to $333 billion in the Mid-Session Review (MSR) of the 

Fiscal Year 2006 Budget from the $412 billion recorded last 

fiscal year and down from the previous estimate for this 

fiscal year of $427 billion. The new $333 billion deficit 

figure is about 2.7 percent of GDP, much smaller than the 

3.6 percent in 2004. Going forward, the MSR projects the 

deficit will fall further as a share of GDP in the next few 

fiscal years. The new estimates project the deficit to dip to 

2.6 percent of GDP in fiscal year 2006, decline to

1.7 percent in 2007, and then drop to 1.1 percent of GDP 

from fiscal years 2008 to 2010. A deficit of 1.1 percent of 

GDP would be well below the 40-year average of 2.3

percent of GDP. That puts the deficit on track to shrink 

below the Administration’s initial target of cutting the deficit 

in half by fiscal year 2009.
PROFILE OF THE ECONOMY 

September 2005

10 

Net national saving and investment 

Net national saving, a source of funds for new 

investment, has fallen sharply since 1998 after a brief period 

of improvement in the mid 1990s. Declines continued in 

each year thereafter and in 2004 the annual level of net 

national saving hit 1.3 percent of net national product 

(NNP), the smallest share since the negative readings of the 

early 1930s. (Net national saving and NNP exclude 

depreciation to replace worn-out or obsolete equipment, 

software, and structures used in production.) 

Much of the recent decline in the net national saving rate 

reflected widening deficits in both state and local and 

Federal budgets. After 4 years of surplus, Federal finances 

turned negative from calendar years 2002 through 2004, due 

in part to the 2001 economic recession as well as increased 

spending on defense and homeland security. State and local 

balances also showed declines through those years, though 

the negative balances have diminished in the past 2 years. 

Taken together, the public sector deficit rose to a recent high 

of 4.2 percent of NNP in 2003, easing to 4.0 percent of NNP 

in 2004 as the economy and Government finances 

strengthened. Improvement in public finances continued into 

the first quarter of 2005 as state and local balances turned 

positive and the Federal deficit narrowed sharply. This led to 

a decline in the public sector deficit from the 4.0 percent 

reading in 2004 to 2.7 percent in the first quarter of 2005, 

contributing to an increase in the total net national saving 

rate to 1.9 percent of NNP in that quarter. 

Private saving dipped to 5.3 percent of NNP in 2004 

from an average of 5.4 percent in the 2 prior years but still 

remains well above the more-than six-decade low of 3.7 

percent recorded in 2001. The improvement in private 

saving over the past 3 years partly reflects strong growth of 

corporate profits, which helped boost retained earnings of 

corporations to almost 4 percent of NNP in the last 2 years. 

That was up from 3.2 percent in 2002 and 2.2 percent in 

2001 following a 20-year low of 2.0 percent in 2000. 

Personal saving, which fell to 1.5 percent of NNP during 

2001–the lowest in 50 years–bounced back in 2002 and 2003 

before dropping again to the 1.5 percent level in 2004. 

Net domestic investment (by Government and private 

industry in structures, equipment, software, and inventory) 

increased to 8.4 percent of NNP in 2004, from 7.2 percent in 

2003 and 6.9 percent in 2002. While still below the 9.6 

percent average posted from 1997 through 2000, the current 

rate of net investment is considerably higher than readings of 

5.8 percent on average in 1991 and 1992. A large portion of 

domestic investment continues to be financed from abroad, a 

trend that has persisted for more than two decades. This is 

reflected in the U.S. current account balance (equivalent to 

net foreign investment), which has shifted from a small 

surplus of 0.3 percent of NNP in 1991 to a deficit of 6.3 

percent in 2004 and 7.1 percent in the first quarter. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 05

Public

Total

(Saving as a percent of NNP)
September 2005 

11

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

occur in two instances: (1) when authorized by law, amounts 

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

determining net outlays from such appropriations; and (2) in 

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal intrafund 

transactions—payments and receipts both occur within the 

Federal fund group; and (3) trust intrafund transactions—

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental 

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have moved 

certain off-budget Federal entities onto the budget. Under 

current law, the off-budget Federal entities consist of the two 

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

Although an off-budget Federal entity’s receipts, outlays, 

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

as the Gramm-Rudman-Hollings Act as amended by the 

Budget Enforcement Act of 1990 (2 United States Code 900-

922)] included off-budget surplus or deficit in calculating 

deficit targets under that act and in calculating excess deficit. 

Partly for this reason, attention has focused on both on- and 

off-budget receipts, outlays and deficit of the Government. 
FEDERAL FISCAL OPERATIONS 

September 2005 

12 

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

• Table FFO-2 includes on- and off-budget receipts 

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

excise taxes, estate and gift taxes, customs duties, and net 

miscellaneous receipts. 

• Table FFO-3 details on- and off-budget outlays by 

agency. 

• Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source 

[Source: Office of Tax Analysis, Office of Tax Policy] 

Third-Quarter Receipts 

The following capsule analysis of budget receipts, 

by source, for the third quarter of fiscal year 2005 

supplements fiscal data reported in the June issue of 

the “Treasury Bulletin.” At the time of that issue’s 

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $294.9 billion for the third 

quarter of fiscal year 2005. This is an increase of $66.1 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $1.2 billion and non-withheld receipts 

increased by $60.0 billion during this period. Refunds 

decreased by $7.3 billion over the comparable fiscal year 

2004 quarter. There was a decrease of $11.3 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2004. 

Corporate income taxes—Net corporate income tax 

receipts were $98.0 billion for the third quarter of fiscal year 

2005. This is an increase of $25.0 billion compared to the 

prior year third quarter. The $25.0 billion change is 

comprised of an increase of $21.3 billion in estimated and 

final payments, and a decrease of $3.7 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2005 were $210.2 billion, an increase of $20.1 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds 

changed by $13.2 billion, $2.2 billion, and $4.8 billion 

respectively. There was a $6.5 billion accounting adjustment 

for prior years’ employment tax liabilities made in the third 

quarter of fiscal year 2005, while there was a -$4.8 billion 

adjustment in the third quarter of fiscal year 2004. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the third quarter of fiscal year 

2005 were $22.3 billion, an increase of $1.8 billion over the 

comparable quarter of fiscal year 2004. Net State taxes 

deposited in the U.S. Treasury increased by $1.8 billion to 

$18.6 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $3.8 billion. 
FEDERAL FISCAL OPERATIONS 

September 2005 

13

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

third quarter of fiscal year 2005. This was a decrease of $0.1 

billion from the comparable quarter of fiscal year 2004. 

Excise taxes—Net excise tax receipts for the third 

quarter of fiscal year 2005 were $18.4 billion, an increase of 

$0.9 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.3 billion, a 

decrease of $0.2 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.6 billion for the third quarter of fiscal year 2005. 

These receipts represent an increase of $0.1 billion over the 

same quarter in fiscal year 2004. 

Customs duties—Customs duties net of refunds were 

$5.6 billion for the third quarter of fiscal year 2005. This is 

an increase of $0.6 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the third quarter of fiscal year 2005 were $8.1 billion, an 

increase of $0.7 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings by 

Federal Reserve banks increasing by $0.2 billion.

Total On- and Off-Budget Results and Financing of the U.S. Government 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Third quarter 

April - June 

Actual fiscal 

year to date 

Total on- and off-budget results: 

Total receipts ................................................................ 665,152 1,604,174

On-budget receipts ................................................... 501,123 1,168,193

Off-budget receipts ................................................... 164,029 435,981

Total outlays.................................................................. 620,305 1,853,974

On-budget outlays..................................................... 538,835 1,578,742

Off-budget outlays..................................................... 81,470 275,232

Total surplus or deficit (-) .............................................. 44,847 -249,800

On-budget surplus or deficit (-)................................. -37,712 -410,549

Off-budget surplus or deficit (-)................................. 82,559 160,749

Means of financing: 

Borrowing from the public............................................. -42,800 223,933

Reduction of operating cash......................................... -10,736 3,165

Other means ................................................................. 8,688 22,702

Total on- and off-budget financing............................ -44,847 249,800

Third-Quarter Net Budget Receipts by Source, Fiscal Year 2005 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Source April May June 

Individual income taxes...................................................... 148.5 57.6 88.8 

Corporate income taxes..................................................... 34.4 7.2 56.5 

Employment and general retirement.................................. 76.7 58.2 75.3 

Unemployment insurance .................................................. 4.4 17.3 0.7 

Contributions for other insurance and retirement .............. 0.4 0.3 0.3 

Excise taxes ....................................................................... 6.1 6.0 6.3 

Estate and gift taxes .......................................................... 2.8 1.9 1.8 

Customs duties .................................................................. 1.8 1.8 2.1 

Miscellaneous receipts....................................................... 2.5 2.5 3.1

Total budget receipts ..................................................... 277.6 152.7 234.8

Note.—Detail may not add to totals due to independent rounding. 
FEDERAL FISCAL OPERATIONS

September 2005

14

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

Individual

income taxes

Social

insurance

and

retirement

receipts

Corporate

income taxes

Excise taxes M isc.

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2005

2004 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2004-2005

(In billions of dollars) 

CHART FFO-A.—

Monthly Receipts and Outlays, 2004-2005

(In billions of dollars) 

-50

0

50

100

150

200

250

J J A S O N D J F M A M J

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays
FEDERAL FISCAL OPERATIONS 

September 2005 

15

TABLE FFO-1.—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2000 ............................ 2,025,060 1,544,477 480,583 1,788,441 1,457,678 330,765 236,619 86,801 149,818 23,761 

2001 ............................ 1,991,044 1,483,525 507,519 1,862,761 1,516,760 346,002 128,283 -33,235 161,518 141,902 

2002 ............................ 1,853,051 1,337,730 515,321 2,010,855 1,655,192 355,663 -157,804 -317,462 159,658 428,391 

2003 ............................ 1,782,108 1,258,265 523,842 2,159,248 1,796,238 363,010 -377,140 -537,973 160,833 561,811 

2004 ............................ 1,879,783 1,345,039 534,744 2,292,606 1,913,094 379,512 -412,823 -568,055 155,233 595,064 

 

2005 - Est.................... 2,139,656 1,563,962 575,694 2,472,310 2,072,190 400,120 -332,654 -508,228 175,574 587,925 

2006 - Est.................... 2,272,715 1,651,028 621,687 2,613,334 2,186,233 427,101 -340,619 -535,205 194,586 644,887 

 

2004 - June ................. 214,382 166,393 47,989 195,258 195,275 -17 19,124 -28,882 48,006 77,702 

July .................. 134,415 93,572 40,843 203,575 166,630 36,944 -69,160 -73,058 3,899 41,815 

Aug .................. 137,729 95,899 41,830 178,861 137,461 41,400 -41,132 -41,562 430 34,072 

Sept................. 207,351 160,732 46,619 182,719 141,745 40,973 24,633 18,987 5,646 27,834 

Oct................... 136,896 97,734 39,162 194,198 159,519 34,679 -57,302 -61,785 4,483 50,618 

Nov .................. 134,547 92,178 42,369 192,448 152,310 40,138 -57,901 -60,132 2,231 94,923 

Dec .................. 215,749 172,486 43,263 218,603 221,581 -2,978 -2,853 -49,095 46,241 70,639 

2005 - Jan ................... 202,217 147,773 54,444 193,639 155,666 37,973 8,578 -7,893 16,471 32,738 

Feb .................. 100,871 57,519 43,352 214,814 172,445 42,368 -113,942 -114,926 984 84,784 

Mar .................. 148,741 99,379 49,363 219,969 178,385 41,583 -71,227 -79,007 7,779 62,274 

Apr................... 277,613 218,208 59,405 219,906 181,384 38,521 57,707 36,823 20,884 -11,666 

May.................. 152,731 107,184 45,547 188,022 145,707 42,315 -35,291 -38,523 3,232 13,356 

June................. 234,808 175,731 59,077 212,377 211,743 634 22,431 -36,012 58,443 60,638 

 

Fiscal year 2005 to date ... 1,604,173 1,168,192 435,982 1,853,976 1,578,740 275,233 -249,800 -410,550 160,748 458,304 

 

Means of financing—net transactions, con. 

Borrowing from the publicFederal securities, con. Cash and monetary assets (deduct) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of 

Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve position

on the U.S. 

quota in the 

IMF (deduct) 

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

2000 ...................................... -832 245,736 -222,809 -3,799 4,033 3,185 -6,292 -12,627 -4,056 -236,619 

2001 ...................................... -661 231,496 -90,256 -8,440 1,603 8,543 4,717 -21,554 -10,050 -128,283 

2002 ...................................... -137 207,713 220,542 16,667 790 15,724 2,457 -24,298 -2,802 157,804 

2003 ...................................... -922 187,324 373,565 -25,926 353 -7,010 3,208 -26,352 552 377,140 

2004 ...................................... -1,769 213,677 379,618 1,390 720 -23,529 -4,630 6,494 662 412,823 

2005 - Est.............................. -563 263,634 323,728 -1,349 * * * 7,577 * 332,654 

2006 - Est.............................. -163 293,984 350,740 - * * * -10,121 * 340,619 

 

2004 - June ........................... 282 66,038 11,946 28,760 -22 602 -221 -2,241 290 -19,124 

July ............................ -186 -6,155 47,784 -9,997 -73 565 -683 11,188 - 69,160 

Aug ............................ -240 3,681 30,150 -32,104 124 -305 416 -20,887 - 41,132 

Sept........................... 388 22,852 5,370 33,836 72 -425 -371 2,934 175 -24,633 

Oct............................. -62 37,351 13,205 11,725 259 550 96 56,727 - 57,302 

Nov ............................ 43 5,787 89,179 -30,042 436 -253 543 -60,594 - 57,901 

Dec ............................ 96 71,053 -318 6,657 150 -184 -602 9,162 30 2,853 

2005 - Jan ............................. -129 12,437 20,172 36,643 -285 1,273 -4,232 4,649 - -8,578 

Feb ............................ -222 5,094 79,467 -41,709 -1,616 -410 89 -9,171 - 113,942 

Mar ............................ 168 -2,586 65,028 2,825 -162 -584 -60 8,018 200 71,227 

Apr............................. -188 9,934 -21,788 53,912 46 181 148 18,368 - -57,707 

May............................ 84 21,845 -8,405 -59,808 -226 288 -287 -16,337 - 35,291 

June........................... -234 73,011 -12,607 16,633 -142 -256 139 6,280 270 -22,431 

 

Fiscal year 2005 to date .......... -444 233,926 223,933 -3,164 -1,540 605 -4,166 17,102 500 249,800 

 

 

* Less than $500,000. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 7, 2005. 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

September 2005 

16 

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 Refunds 

 (10) 

 Net 

 (11) 

 

2000 .............................. 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,750 618,076 1,965 616,111 

2001 .............................. 793,386 383,204 182,251 994,339 186,732 35,657 151,075 1,145,414 660,276 3,106 657,170 

2002 .............................. 750,754 286,956 179,365 858,345 211,439 63,396 148,044 1,006,389 665,381 1,011 664,370 

2003 .............................. 734,647 252,502 193,451 793,699 194,522 62,745 131,778 925,477 672,727 1,699 671,028 

2004 .............................. 753,260 243,324 187,626 808,958 230,619 41,250 189,370 998,328 686,313 980 685,333 

 

2005 - Est...................... 929,130 - - 929,130 265,761 - 265,761 1,194,891 741,573 - 741,573 

2006 - Est...................... 1,006,159 - - 1,006,159 242,743 - 242,743 1,248,902 802,486 - 802,486 

 

2004 - June ................... 65,944 31,290 2,793 94,440 46,392 2,086 44,307 138,747 60,930 - 60,930 

July .................... 60,494 4,063 3,991 60,566 6,557 1,616 4,941 65,507 52,225 - 52,225 

Aug .................... 60,711 4,952 2,810 62,853 3,658 1,852 1,806 64,659 53,553 - 53,553 

Sept................... 57,311 35,761 3,949 89,123 45,569 3,286 42,283 131,406 61,002 980 60,022 

Oct..................... 58,025 9,101 2,592 64,534 13,917 6,222 7,694 72,228 51,419 - 51,419 

Nov .................... 60,003 4,221 6,289 57,935 4,560 1,775 2,785 60,720 55,779 - 55,779 

Dec .................... 85,390 7,573 1,559 91,405 56,065 2,206 53,859 145,264 57,954 415 57,539 

2005 - Jan ..................... 72,156 41,316 2,645 110,827 8,223 1,524 6,699 117,526 69,679 - 69,679 

Feb .................... 71,841 3,270 44,961 30,150 4,325 2,605 1,719 31,869 54,828 - 54,828 

Mar .................... 76,403 6,692 39,107 43,988 30,812 3,766 27,046 71,034 62,426 - 62,426 

Apr..................... 63,761 133,117 48,385 148,493 36,681 2,297 34,384 182,877 76,371 - 76,371 

May.................... 58,496 20,543 21,431 57,608 8,667 1,497 7,170 64,778 57,741 - 57,741 

June................... 53,002 38,762 3,007 88,758 57,731 1,251 56,480 145,238 75,394 - 75,394 

 

Fiscal year 2005 to date... 599,077 264,595 169,976 693,698 220,981 23,143 197,836 891,534 561,591 415 561,176 

 

Social insurance and retirement receipts, con. 

Employment and general retirement, con. Unemployment insurance Net for other insurance and retirement 

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

2000 ............................ 4,345 8 4,337 620,447 27,755 115 27,641 4,693 70 4,763 

2001 ............................ 4,281 9 4,272 661,442 27,939 127 27,812 4,647 66 4,713 

2002 ............................ 4,185 8 4,177 668,548 27,746 127 27,620 4,533 61 4,594 

2003 ............................ 3,963 9 3,954 674,982 33,481 115 33,366 4,578 53 4,631 

2004 ............................ 4,030 5 4,026 689,359 39,582 129 39,453 4,545 51 4,596 

 

2005 - Est.................... 4,094 - 4,094 745,667 43,183 - 43,183 4,574 45 4,619 

2006 - Est.................... 4,163 - 4,163 806,649 44,728 - 44,728 4,540 43 4,583 

 

2004 - June ................. 74 * 74 61,005 1,139 10 1,129 347 5 352 

July.................. 375 * 375 52,600 2,946 18 2,929 421 4 425 

Aug.................. 423 -1 424 53,977 5,868 14 5,853 405 5 409 

Sept................. 312 * 312 60,334 633 8 625 368 3 371 

Oct................... 323 * 323 51,742 1,402 8 1,393 344 5 349 

Nov.................. 341 14 327 56,106 4,058 6 4,052 344 5 349 

Dec.................. 421 -1 421 57,960 399 5 395 425 3 428 

2005 - Jan ................... 352 * 352 70,031 1,823 3 1,820 336 4 340 

Feb.................. 424 1 423 55,251 3,215 1 3,214 342 5 347 

Mar.................. 422 * 422 62,848 786 9 777 425 4 429 

Apr................... 350 1 349 76,720 4,441 28 4,412 347 6 353 

May ................. 426 * 426 58,167 17,273 11 17,261 342 3 345 

June ................ -76 * -76 75,318 668 10 657 340 5 345 

 

Fiscal year 2005 to date.... 2,983 15 2,967 564,143 34,065 81 33,981 3,245 40 3,285 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

September 2005 

17

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 1

(45) 

Off-budget 

(46) 

 

2000 ............................ 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,375 42,669 1,544,477 480,583 

2001 ............................ 66,232 29,248 848 28,400 20,295 927 19,368 26,124 11,541 37,664 1,483,525 507,519 

2002 ............................ 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 10,120 33,803 1,337,730 515,321 

2003 ............................ 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 12,430 34,309 1,258,265 523,842 

2004 ............................ 69,855 25,579 749 24,831 21,806 723 21,083 19,652 12,627 32,279 1,345,039 534,744 

 

2005 - Est.................... 71,748 23,842 - 23,842 25,130 - 25,130 18,641 11,935 30,576 1,563,962 575,694 

2006 - Est.................... 73,711 26,023 - 26,023 28,823 - 28,823 26,486 12,810 39,296 1,651,028 621,687 

 

2004 - June ................. 6,192 1,943 81 1,862 1,848 73 1,775 2,089 1,231 3,320 166,393 47,989 

July.................. 6,078 2,257 52 2,205 2,153 48 2,105 1,518 1,050 2,567 93,572 40,843 

Aug.................. 5,916 2,372 78 2,295 2,098 80 2,018 1,564 1,038 2,602 95,899 41,830 

Sept................. 7,772 2,335 58 2,278 1,954 43 1,911 1,582 1,072 2,654 160,732 46,619 

Oct................... 4,265 2,048 81 1,968 2,186 65 2,121 1,916 913 2,830 97,734 39,162 

Nov.................. 6,386 2,137 69 2,069 1,931 106 1,825 1,992 1,047 3,039 92,178 42,369 

Dec.................. 6,022 1,756 68 1,688 1,848 40 1,808 1,181 1,002 2,183 172,486 43,263 

2005 - Jan ................... 5,681 2,251 49 2,201 1,868 61 1,806 1,688 1,124 2,812 147,773 54,444 

Feb .................. 4,535 1,925 71 1,854 1,829 49 1,780 1,162 860 2,022 57,519 43,352 

Mar .................. 6,793 2,095 76 2,018 2,042 88 1,954 1,648 1,240 2,888 99,379 49,363 

Apr................... 6,119 2,898 53 2,845 1,829 56 1,773 1,450 1,064 2,514 218,208 59,405 

May ................. 6,010 1,979 72 1,907 1,841 85 1,756 1,205 1,301 2,506 107,184 45,547 

June ................ 6,276 1,912 67 1,846 2,133 75 2,058 1,755 1,316 3,071 175,731 59,077 

 

Fiscal year 2005 to date.. 52,087 19,001 606 18,396 17,507 625 16,881 13,997 9,867 23,865 1,168,192 435,982 

 

1 Details do not add to totals due to the fiscal year 2005 budget estimate of $20 billion for 

adjustment for revenue uncertainty. 

* Less than $500,000. 

Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 7, 2005. 

Detail may not add to totals due to rounding. 

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability Trust 

Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds 

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

 

2000............................ 652,851 9,784 46 9,739 518 - 518 35,987 1,014 34,973 24,357 721 23,636

2001............................ 693,967 9,244 53 9,191 522 - 522 32,465 996 31,469 26,009 960 25,049

2002............................ 700,761 9,090 60 9,030 567 - 567 33,682 1,079 32,603 25,833 1,044 24,789

2003............................ 712,979 8,729 44 8,684 506 - 506 34,756 1,032 33,724 25,499 891 24,608

2004............................ 733,408 9,230 56 9,174 566 - 566 35,725 1,014 34,711 26,260 856 25,404 

2005 - Est ................... 793,469 10,436 - 10,436 595 - 595 37,437 - 37,437 23,280 - 23,280

2006 - Est ................... 855,960 11,195 - 11,195 608 - 608 39,406 - 39,406 22,502 - 22,502

 

2004 - June................. 62,486 706 - 706 50 - 50 2,056 - 2,056 3,487 106 3,381

July.................. 55,953 802 - 802 49 - 49 3,113 - 3,113 2,173 60 2,113

Aug.................. 60,239 805 7 799 49 - 49 3,083 267 2,815 2,326 73 2,253

Sept................. 61,330 1,489 7 1,482 96 - 96 6,132 163 5,969 295 71 225

Oct .................. 53,484 147 * 147 9 - 9 553 2 551 3,602 43 3,559

Nov.................. 60,507 841 - 841 51 - 51 3,418 - 3,418 2,155 78 2,077

Dec.................. 58,783 1,053 - 1,053 51 - 51 3,124 - 3,124 1,854 59 1,795

2005 - Jan................... 72,191 777 - 777 47 - 47 3,154 - 3,154 1,755 53 1,703

Feb.................. 58,812 769 18 751 46 - 46 3,045 318 2,728 767 -243 1,010

Mar.................. 64,054 871 * 872 48 - 48 3,327 -1 3,329 2,634 90 2,545

Apr .................. 81,486 843 - 843 51 - 51 3,332 - 3,332 1,967 73 1,894

May ................. 75,773 878 65 813 53 - 53 3,464 237 3,227 1,730 -188 1,917

June ................ 76,320 854 * 854 54 - 54 2,702 -1 2,703 2,760 96 2,664

 

Fiscal year 2005 to date.. 601,410 7,033 83 6,951 410 - 410 26,119 555 25,566 19,224 61 19,164

 
FEDERAL FISCAL OPERATIONS 

September 2005 

18 

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

Department of 

Energy 

(7) 

Department of 

Health 

and 

Human 

Services 

(8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

 

2000 ..................... 2,913 4,086 75,658 7,929 281,234 33,309 15,010 382,627 12,365 30,829 8,022 17,377 31,876

2001 ..................... 3,030 4,408 68,047 5,017 290,410 35,724 16,420 426,391 14,086 33,937 7,876 18,868 39,757

2002 ..................... 3,243 4,823 68,982 5,322 332,116 46,286 17,772 466,104 15,980 31,880 9,741 21,408 64,703

2003 ..................... 3,420 5,123 72,483 5,680 388,891 57,400 19,385 505,410 31,843 37,470 9,204 21,775 69,592

2004 ..................... 3,880 5,396 71,768 5,849 437,111 62,814 19,974 543,206 26,724 45,024 8,916 28,953 56,708

 

2005 - Est............. 4,176 5,741 89,542 6,288 470,878 72,227 21,948 583,638 34,012 43,475 9,448 21,601 47,794

2006 - Est............. 4,361 6,163 93,985 6,505 492,347 64,548 22,343 648,420 33,585 40,213 9,651 23,421 52,119

 

2004 - June .......... 317 457 4,677 474 37,116 5,154 1,869 50,444 2,620 3,962 952 3,420 4,310

July ........... 329 545 4,472 481 42,126 4,928 1,678 47,136 2,086 3,165 837 4,221 3,978

Aug ........... 309 410 5,198 599 33,805 4,532 1,017 42,866 2,434 2,960 1,032 2,234 3,978

Sept .......... 419 451 5,247 633 38,883 7,941 2,068 46,109 2,735 3,171 813 2,002 3,111

Oct............ 300 443 12,110 422 36,222 6,191 1,798 45,382 3,070 3,429 727 1,938 2,875

Nov ........... 295 435 9,676 517 37,107 4,343 2,093 46,370 3,036 3,456 420 1,789 3,980

Dec ........... 373 531 10,325 526 44,255 5,234 1,995 51,947 3,850 3,536 748 1,774 4,802

2005 - Jan ............ 387 429 7,565 580 33,377 8,634 1,052 42,847 2,796 3,494 691 1,930 4,327

Feb ........... 285 423 7,050 426 36,680 5,253 1,459 44,165 2,794 3,017 546 1,782 3,895

Mar ........... 307 474 5,728 536 42,150 5,928 2,313 53,336 3,434 3,342 1,014 2,024 4,036

Apr............ 307 429 5,359 401 42,744 9,873 1,307 51,053 2,767 3,267 599 1,639 4,348

May........... 308 453 5,623 507 33,536 5,539 1,177 44,450 2,520 3,135 671 2,046 4,081

June.......... 414 444 5,140 486 40,971 4,664 2,047 53,332 3,014 6,421 1,024 1,857 4,205

 

Fiscal year 2005 to 

 date......................... 2,976 4,061 68,576 4,401 347,042 55,659 15,241 432,882 27,281 33,097 6,440 16,779 36,549

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

 

2000 ..................... 6,849 41,592 361,998 26,574 47,087 4,334 32,861 7,240 249 25 12,084 

2001 ..................... 7,446 49,372 359,508 27,415 45,043 4,726 34,161 7,390 246 -2 11,771 

2002 ..................... 9,453 56,112 332,537 38,021 50,871 4,798 35,158 7,450 453 -260 13,309 

2003 ..................... 9,257 50,808 318,149 48,374 56,892 4,749 39,881 8,065 388 323 13,466 

2004 ..................... 10,942 54,541 321,566 53,692 59,556 4,842 41,732 8,335 3,309 -404 13,738 

 

2005 - Est............. 13,142 58,216 349,916 58,581 68,882 4,891 44,090 7,862 5,765 459 14,439 

2006 - Est............. 15,127 60,586 384,241 51,005 68,790 4,643 45,471 8,202 7,192 54 16,406 

 

2004 - June .......... 889 4,663 84,469 712 5,091 263 3,604 705 273 -42 1,674 

July........... 753 5,872 15,098 1,399 8,012 509 3,397 734 322 -158 1,205 

Aug........... 826 5,276 18,989 1,705 3,046 386 3,198 743 511 -185 246 

Sept.......... 1,189 6,278 12,532 -7,359 4,985 524 3,475 707 452 61 617 

Oct............ 1,241 4,335 13,735 2,925 5,234 626 2,280 551 272 -86 778 

Nov........... 836 4,403 19,601 1,419 5,459 696 3,556 694 435 23 416 

Dec........... 1,401 4,523 86,912 843 8,549 493 3,913 674 542 173 1,442 

2005 - Jan ............ 842 3,846 15,215 6,479 3,010 495 3,525 487 521 -205 4,809 

Feb........... 686 3,603 15,889 26,834 5,185 83 3,221 542 670 1 586 

Mar........... 998 4,859 15,520 11,621 5,781 312 4,094 883 634 421 1,969 

Apr............ 1,051 4,237 17,874 6,159 8,035 58 3,592 652 684 -213 912 

May .......... 838 4,805 23,648 3,059 3,006 364 3,492 648 714 19 1,443 

June ......... 990 5,283 91,135 721 6,223 418 3,808 665 870 122 1,112 

 

Fiscal year 2005 to 

 date.......................... 8,883 39,894 299,529 60,060 50,482 3,545 31,481 5,796 5,342 255 13,467 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

September 2005 

19

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(25) 

National

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

Offbudget 

(36) 

 

2000 .......................... 13,443 3,487 48,660 -422 441,289 10,879 -37,851 -129,088 -4,580 -1,502 1,457,678 330,765 

2001 .......................... 14,094 3,691 50,916 -569 461,261 13,443 -38,792 -144,111 -7,194 -1,025 1,516,760 346,002 

2002 .......................... 14,429 4,187 52,512 492 488,242 15,853 -42,782 -153,316 -5,024 -2 1,655,192 355,663 

2003 .......................... 14,552 4,735 54,134 1,559 507,734 8,947 -49,351 -156,066 -5,029 * 1,796,238 363,010 

2004 .......................... 15,186 5,118 56,533 4,077 530,206 5,833 -53,430 -153,986 -5,105 * 1,913,094 379,512 

 

2005 - Est.................. 15,719 5,641 61,008 2,641 561,383 15,603 -59,022 -161,628 -5,946 -100 2,072,190 400,120 

2006 - Est.................. 15,744 5,666 64,665 1,048 588,505 19,843 -62,543 -170,348 -8,145 -479 2,186,233 427,101 

 

2004 - June ............... 1,284 492 5,258 -10 48,028 -1,109 -4,521 -71,298 -939 * 195,275 -17 

July................ 1,117 468 4,775 64 46,884 1,803 -4,485 -64 -111 - 166,630 36,944 

Aug................ 1,248 571 4,340 59 41,984 2,035 -4,538 -2,198 -755 - 137,461 41,400 

Sept............... 1,938 493 4,749 61 44,331 -1,172 -4,257 4 -469 * 141,745 40,973 

Oct................. 827 464 5,233 69 44,591 744 -4,433 15 -109 * 159,519 34,679 

Nov................ 1,458 414 4,702 80 44,647 26 -4,433 -4,677 -824 * 152,310 40,138 

Dec................ 1,308 422 4,535 71 48,397 1,890 -4,759 -72,314 -309 - 221,581 -2,978 

2005 - Jan ................. 1,247 375 5,194 -475 42,946 2,631 -4,675 -164 -573 - 155,666 37,973 

Feb................ 1,172 397 4,559 2,337 46,549 2,019 -4,715 -2,002 -578 - 172,445 42,368 

Mar................ 1,291 417 4,933 67 46,382 658 -4,841 -336 -317 * 178,385 41,583 

Apr................. 1,014 402 5,210 58 49,855 1,861 -4,735 -692 -201 * 181,385 38,521 

May ............... 1,490 395 4,805 62 43,816 1,246 -4,700 -4,255 -920 * 145,707 42,315 

June .............. 1,362 536 5,365 65 50,721 -1,681 -4,720 -73,997 -640 * 211,743 634 

Fiscal year 2005 to 

date .......................... 11,169 3,822 44,536 2,334 417,904 9,394 -42,011 -158,422 -4,471 - 1,578,741 275,233 

 

 * Less than $500,000. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 7, 2005. 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

September 2005 

20 

TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

June 2005 and Other Periods 

[In millions of dollars. Source: Financial Management Service] 

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 693,647 51 - 693,698 596,363 54 - 596,416

Corporation income taxes........................................... 197,833 - 4 197,837 140,339 - * 140,340

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 435,981 435,981 - - 405,452 405,452

Employment and general retirement (on-budget)... - - 128,162 128,162 - - 116,997 116,997

Unemployment insurance ....................................... - - 33,982 33,982 - - 30,045 30,045

Other retirement...................................................... - - 3,284 3,284 - - 3,391 3,391

Excise taxes ................................................................ 18,060 538 33,489 52,087 19,811 448 29,830 50,090

Estate and gift taxes ................................................... 18,396 - - 18,396 18,053 - - 18,053

Customs duties ........................................................... 11,023 5,037 822 16,882 9,873 4,550 625 15,048

Miscellaneous receipts................................................ 15,237 7,621 1,007 23,865 16,486 7,420 549 24,455

Total receipts....................................................... 954,196 13,247 636,731 1,604,174 800,925 12,472 586,890 1,400,287

(On-budget)..................................................... 954,196 13,247 200,749 1,168,193 800,925 12,472 181,438 994,835

(Off-budget)..................................................... - - 435,981 435,981 - - 405,452 405,452

 

Budget outlays: 

Legislative branch ....................................................... 2,941 20 17 2,977 2,726 105 -8 2,823

Judicial branch ............................................................ 3,971 93 -3 4,060 3,858 129 3 3,990

Department of Agriculture ........................................... 49,697 18,864 15 68,576 47,356 9,599 -105 56,850

Department of Commerce........................................... 4,404 -4 * 4,401 4,162 -27 * 4,136

Department of Defense-military .................................. 344,178 2,845 17 347,040 320,124 2,122 52 322,298

Department of Education ............................................ 55,532 130 * 55,662 45,581 -166 * 45,416

Department of Energy................................................. 17,706 -2,465 * 15,241 16,675 -1,464 * 15,211

Department of Health and Human Services ............... 313,783 -119 119,217 432,881 290,562 -75 116,609 407,096

Department of Homeland Security.............................. 27,277 -129 133 27,281 20,683 -1,378 164 19,469

Department of Housing and Urban Development....... 33,627 -523 -7 33,098 35,821 -89 -4 35,727

Department of the Interior........................................... 7,033 -838 246 6,441 6,985 -1,015 264 6,234

Department of Justice ................................................. 15,666 975 138 16,780 19,503 818 176 20,497

Department of Labor................................................... 8,013 233 28,303 36,549 8,106 403 37,133 45,642

Department of State.................................................... 8,665 -117 336 8,884 7,625 185 364 8,174

Department of Transportation..................................... 5,607 -7 34,295 39,895 3,373 57 33,685 37,114

Department of the Treasury: 

Interest on the public debt....................................... 299,528 - - 299,528 274,948 - - 274,948

Other ....................................................................... 60,444 -426 43 60,060 58,475 -598 71 57,947

Department of Veterans Affairs .................................. 50,772 -1,023 733 50,482 44,199 -1,416 728 43,512

Corps of Engineers ..................................................... 2,947 81 517 3,545 2,781 185 455 3,422

Other defense civil programs...................................... 37,148 -11,967 6,299 31,480 34,513 -12,366 9,514 31,662

Environmental Protection Agency............................... 6,215 -108 -311 5,797 6,390 -77 -163 6,151

Executive Office of the President................................ 5,342 * - 5,341 2,025 * - 2,025

General Services Administration ................................ 129 124 * 253 130 -252 - -122

International Assistance Program............................... 13,381 -873 959 13,467 12,972 -807 -495 11,670

National Aeronautics and Space Administration ........ 11,172 -4 * 11,169 10,882 - * 10,883

National Science Foundation...................................... 3,784 25 13 3,822 3,526 24 37 3,587

Office of Personnel Management ............................... 5,954 -74 38,657 44,537 5,846 26 36,797 42,669

Small Business Administration ................................... 2,363 -30 * 2,333 3,923 -29 * 3,894

Social Security Administration .................................... 39,161 * 378,743 417,904 36,747 * 360,260 397,007

Other independent agencies....................................... 8,637 -1,397 2,153 9,394 6,019 -3,211 360 3,167

Undistributed offsetting receipts: 

Interest .................................................................... - - -158,422 -158,422 - - -151,728 -151,728

Other ....................................................................... -4,474 -7,918 -34,091 -46,483 -3,773 -6,639 -33,509 -43,921

Total outlays........................................................ 1,440,603 -4,631 418,002 1,853,974 1,332,744 -15,954 410,661 1,727,451

(On-budget)..................................................... 1,440,603 -781 138,920 1,578,742 1,332,744 -10,546 145,059 1,467,257

(Off-budget)..................................................... - -3,850 279,082 275,232 - -5,408 265,602 260,194

Surplus or deficit (-)............................................. -486,407 17,878 218,729 -249,800 -531,819 28,426 176,229 -327,164

(On-budget)..................................................... -486,407 14,029 61,829 -410,549 -531,819 23,018 36,379 -472,422

(Off-budget)..................................................... - 3,850 156,900 160,749 - 5,408 139,850 145,258

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
September 2005 

21

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

are depleted, funds are called in (withdrawn) from thousands 

of tax and loan accounts at financial institutions throughout 

the country. 

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 

[In millions of dollars. Source: Financial Management Service] 

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2000 ................................................ 4,921,490 253,060 5,172,731 1,189,835 1,195,453 

2001 ................................................ 5,050,444 340,364 5,389,954 1,271,952 1,281,245 

2002 ................................................ 6,160,448 367,327 6,529,692 1,231,160 1,212,577 

2003 ................................................ 6,450,164 426,493 6,877,311 1,148,226 1,173,496 

2004 ................................................ 7,094,904 469,641 7,565,782 1,168,663 1,166,036 

 

2004 - June ..................................... 659,073 43,553 701,230 123,501 96,136 

July...................................... 579,783 31,854 612,753 86,898 95,778 

Aug...................................... 583,266 35,694 621,421 81,990 111,633 

Sept..................................... 687,583 48,402 732,453 109,780 79,476 

Oct....................................... 508,948 38,035 547,855 84,853 72,257 

Nov...................................... 637,909 34,300 673,566 86,010 114,695 

Dec...................................... 653,542 49,944 701,333 149,391 144,888 

2005 - Jan ....................................... 535,535 36,048 572,524 108,352 70,768 

Feb ...................................... 646,100 31,410 677,808 97,231 138,642 

Mar ...................................... 727,877 39,548 766,879 126,367 124,087 

Apr....................................... 693,921 40,604 736,160 121,586 66,041 

May ..................................... 659,298 34,493 691,838 96,714 158,475 

June .................................... 687,435 46,329 734,929 134,064 116,266 

 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 

September 2005 

22 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, con. 

[In millions of dollars. Source: Financial Management Service] 

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note accounts 

(13) 

 

2000 ...................................... 8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

2001 ...................................... 9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 

2002 ...................................... 7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 

2003 ...................................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 

2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 

 

2004 - June ........................... 6,032 38,582 7,323 46,696 1,592 19 5,741 20,897 

July ............................ 4,917 29,701 6,714 29,701 2,915 149 4,963 10,053 

Aug ............................ 2,456 58 5,995 29,701 2,456 27 4,801 3,063 

Sept........................... 5,987 30,362 7,626 44,493 3,701 121 5,608 16,669 

Oct............................. 5,116 42,959 6,216 42,959 3,640 6,118 5,024 20,335 

Nov ............................ 3,759 14,274 6,210 28,924 3,759 1,230 4,921 12,730 

Dec ............................ 5,912 18,777 7,113 34,745 3,386 700 5,056 15,828 

2005 - Jan ............................. 4,971 56,362 5,912 56,362 4,516 3,358 5,076 23,002 

Feb ............................ 4,673 14,951 6,246 47,948 4,404 54 5,168 14,283 

Mar ............................ 5,219 17,230 5,872 44,539 3,283 859 4,719 21,138 

Apr............................. 3,585 72,775 6,356 78,251 3,585 66 5,212 26,520 

May............................ 5,538 11,014 8,154 75,044 3,585 7,138 5,087 29,316 

June........................... 4,373 28,812 9,849 59,051 3,904 30 4,951 24,598 

 

 

1

 Represents transfers from tax and loan note accounts, proceeds from sales of securities other 

than Government account series, and taxes. 

2

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions 

of securities other than Government account series, and investment (transfer) of excess funds 

out of this account to the tax and loan note accounts. 

3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries 

as follows: withheld income taxes beginning March 1948; taxes on employers and employees 

under the Federal Insurance Contributions Act beginning January 1950 and under 

the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment 

Tax Act taxes beginning April 1970; and individual estimated income taxes 

beginning October 1988. 
September 2005 

23

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” tables FD-2 and 

FD-6 from the “Monthly Statement of the Public Debt of the 

United States.” Effective June 2001, FMS revised 

procedures and categories in these tables to agree with the 

Bureau of the Public Debt’s publication changes. 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

• Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• Table FD-2 (Historical) categorizes by type interestbearing marketable and nonmarketable Treasury securities. 

The difference between interest-bearing and total public debt 

securities reflects outstanding matured Treasury securities—

that is, unredeemed securities that have matured and are no 

longer accruing interest. Because the Federal Financing 

Bank is under the supervision of Treasury, its securities are 

held by a U.S. Government account. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

• In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• In table FD-6 (Historical), the same debt 

information is compared as in table FD-6. Changes in the 

non-interest-bearing debt shown in the last column reflect 

maturities of Treasury securities on nonbusiness days, which 

can be redeemed on the next business day. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

September 2005

24 

TABLE FD-1.—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

2000............................... 5,701,851 5,674,179 27,672 2,235,763 2,235,712 51 3,466,088 3,438,416 27,672 

2001............................... 5,834,475 5,807,464 27,011 2,468,757 2,468,757 - 3,365,718 3,338,707 27,011 

2002............................... 6,255,111 6,228,236 26,874 2,675,648 2,675,648 - 3,579,462 3,552,588 26,874 

2003............................... 6,809,272 6,783,320 25,952 2,859,291 2,859,291 - 3,949,981 3,924,029 25,952 

2004............................... 7,403,236 7,379,053 24,183 3,075,704 3,075,703 1 4,327,532 4,303,350 24,182 

 

2004 - June .................... 7,298,556 7,274,335 24,221 3,055,601 3,055,601 - 4,242,955 4,218,734 24,221 

July..................... 7,340,603 7,316,568 24,035 3,049,267 3,049,266 1 4,291,337 4,267,302 24,034 

Aug..................... 7,374,745 7,350,950 23,795 3,053,081 3,053,080 1 4,321,664 4,297,870 23,794 

Sept.................... 7,403,236 7,379,053 24,183 3,075,704 3,075,703 1 4,327,532 4,303,350 24,182 

Oct...................... 7,453,800 7,429,678 24,122 3,112,950 3,112,949 1 4,340,850 4,316,729 24,121 

Nov..................... 7,549,374 7,525,210 24,164 3,118,944 3,118,943 1 4,430,430 4,406,267 24,163 

Dec..................... 7,620,403 7,596,143 24,261 3,189,791 3,189,791 1 4,430,612 4,406,352 24,260 

2005 - Jan ...................... 7,651,874 7,627,743 24,131 3,201,711 3,201,711 1 4,450,163 4,426,032 24,130 

Feb..................... 7,737,047 7,713,138 23,909 3,206,773 3,206,773 1 4,530,274 4,506,365 23,908 

Mar..................... 7,801,016 7,776,939 24,077 3,204,543 3,204,542 1 4,596,473 4,572,397 24,076 

Apr ..................... 7,788,426 7,764,537 23,888 3,213,845 3,213,845 1 4,574,581 4,550,692 23,887 

May .................... 7,801,852 7,777,880 23,972 3,235,855 3,235,854 1 4,565,997 4,542,026 23,971 

June ................... 7,860,234 7,836,496 23,738 3,308,866 3,308,858 8 4,551,368 4,527,638 23,730 

 

Federal debt securities Securities held by Government accounts Securities held by the public 

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

 

2000 ............................... 5,701,851 73,513 5,628,338 2,235,763 16,865 2,218,895 3,466,088 56,648 3,409,440

2001 ............................... 5,834,475 64,896 5,769,579 2,468,757 18,363 2,450,394 3,365,719 46,533 3,319,185

2002 ............................... 6,255,111 57,278 6,197,833 2,675,648 17,541 2,658,107 3,579,463 39,737 3,539,726

2003 ............................... 6,809,272 50,551 6,758,722 2,859,291 13,860 2,845,430 3,949,981 36,691 3,913,291

2004 ............................... 7,403,236 51,219 7,352,017 3,075,704 16,596 3,059,107 4,327,532 34,623 4,292,910

 

2004 - June .................... 7,298,556 50,221 7,248,335 3,055,601 16,872 3,038,729 4,242,955 33,349 4,209,606

July ..................... 7,340,603 50,639 7,289,964 3,049,266 16,692 3,032,574 4,291,337 33,947 4,257,390

Aug ..................... 7,374,745 50,950 7,323,795 3,053,080 16,825 3,036,255 4,321,665 34,125 4,287,540

Sept.................... 7,403,236 51,219 7,352,017 3,075,703 16,596 3,059,107 4,327,533 34,623 4,292,910

Oct...................... 7,453,799 51,226 7,402,573 3,112,949 16,490 3,096,459 4,340,850 34,736 4,306,114

Nov ..................... 7,549,374 51,835 7,497,539 3,118,943 16,697 3,102,245 4,430,431 35,138 4,395,293

Dec ..................... 7,620,403 52,130 7,568,274 3,189,791 16,493 3,173,298 4,430,612 35,637 4,394,975

2005 - Jan ...................... 7,651,874 50,991 7,600,883 3,201,711 15,976 3,185,735 4,450,163 35,015 4,415,148

Feb ..................... 7,737,047 51,603 7,685,444 3,206,773 15,944 3,190,829 4,530,274 35,659 4,494,615

Mar ..................... 7,801,016 53,130 7,747,886 3,204,543 16,299 3,188,243 4,596,473 36,831 4,559,643

Apr...................... 7,788,426 52,394 7,736,032 3,213,845 15,668 3,198,177 4,574,581 36,726 4,537,855

May..................... 7,801,852 52,381 7,749,472 3,235,855 15,833 3,220,022 4,565,997 36,548 4,529,450

June.................... 7,860,234 50,358 7,809,875 3,308,866 15,833 3,293,033 4,551,368 34,525 4,516,843

 
FEDERAL DEBT 

September 2005 

25

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. 

savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

2001 ....................................... 186,464 - 18,269 39,488 146,364 29,995 3,505 

2002 ....................................... 193,312 - 12,519 47,605 144,286 29,995 4,107 

2003 ....................................... 201,561 14,991 11,007 53,463 148,366 29,995 4,377 

2004 ....................................... 204,201 - 5,881 58,528 158,214 29,995 4,669 

 

2004 - June ............................ 204,631 - 6,431 56,514 161,474 29,995 4,571 

July ............................. 204,559 - 6,431 57,294 156,803 29,995 4,570 

Aug ............................. 204,232 - 5,881 58,387 154,923 29,995 4,584 

Sept............................ 204,201 - 5,881 58,528 158,214 29,995 4,669 

Oct.............................. 204,299 - 5,881 12,968 160,523 29,995 4,680 

Nov ............................. 204,425 - 5,881 58,468 157,754 29,995 4,680 

Dec ............................. 204,454 - 5,881 58,986 160,682 29,995 4,796 

2005 - Jan .............................. 204,446 - 6,181 60,320 163,754 29,995 4,781 

Feb ............................. 204,471 - 6,181 61,061 164,008 29,995 4,781 

Mar ............................. 204,248 - 6,081 62,683 179,005 29,995 4,879 

Apr.............................. 204,206 - 5,981 64,349 189,033 29,995 5,015 

May............................. 204,307 - 5,881 65,050 200,362 29,995 5,015 

June............................ 204,217 - 2,986 65,999 206,744 29,995 5,113 

 

 

TABLE FD-2.—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

Bills 

(3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable 

Total 

(7) 

 

2001 .................................. 3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 424,085 

2002 .................................. 3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 

2003 .................................. 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760 

2004 .................................. 4,307,345 3,845,855 961,449 2,109,494 551,904 223,008 461,490 

 

2004 - June ....................... 4,218,910 3,755,294 946,759 2,052,221 555,923 200,391 463,617 

July ........................ 4,267,913 3,808,260 962,514 2,067,221 555,916 222,609 459,654 

Aug ........................ 4,298,492 3,840,488 976,732 2,088,509 551,910 223,337 458,004 

Sept....................... 4,307,345 3,845,855 961,449 2,109,494 551,904 223,008 461,490 

Oct......................... 4,318,485 3,900,137 979,562 2,124,510 551,902 244,164 418,348 

Nov ........................ 4,407,907 3,946,702 1,028,304 2,134,318 539,415 244,666 461,205 

Dec ........................ 4,408,389 3,943,593 1,001,189 2,157,067 539,406 245,930 464,796 

2005 - Jan ......................... 4,428,221 3,958,742 984,817 2,167,268 539,402 267,256 469,479 

Feb ........................ 4,508,288 4,037,788 1,028,387 2,205,829 537,234 266,338 470,499 

Mar ........................ 4,572,716 4,085,824 1,055,765 2,226,180 537,058 266,821 486,892 

Apr......................... 4,551,065 4,052,484 987,774 2,241,205 537,070 286,436 498,581 

May........................ 4,542,378 4,031,767 957,660 2,255,535 529,910 288,662 510,611 

June....................... 4,527,697 4,012,642 920,023 2,272,340 529,746 290,533 515,055 

 
FEDERAL DEBT 

September 2005

26 

TABLE FD-2.—Interest-Bearing Public Debt (Historical) 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Marketable 

End of fiscal 

year or month 

Total interestbearing public 

debt 

(1) 

Total 

(2) 

Treasury 

bills 

(3) 

Treasury 

notes 

(4) 

Treasury 

bonds 

(5) 

Treasury 

inflation-indexed 

notes and bonds 

(6) 

Federal 

Financing 

Bank 

(7) 

Nonmarketable

Total 

(8) 

 

2000................................... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

 

Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

2000 ...................................... 177,724 25,431 2,242,900 153,288 29,996 1 

 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 

September 2005 

27

End of fiscal 

year or month 

Federal Savings

and Loan 

Corporation, 

Resolution Fund

(11) 

Federal 

Supplementary Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

 Unemploy- 

 ment Trust 

 Fund 

 (18) 

Other 

(19) 

 

2000 ..................... 2,508 45,075 31,023 11,804 1,086 22,628 62 86,399 266,154 

2001 ..................... 2,650 41,978 24,115 11,639 - 24,983 - 88,638 297,775 

2002 ..................... 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362 

2003 ..................... 2,963 24,849 13,578 11,246 2,651 503 - 48,188 356,349 

2004 ..................... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004 

 

2004 - June .......... 2,955 26,032 13,628 11,208 941 424 - 43,871 391,295 

 July ........... 2,969 23,640 13,734 11,130 550 586 - 43,225 390,704 

 Aug ........... 2,972 24,077 10,915 11,053 550 521 - 46,918 407,967 

 Sept.......... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004 

 Oct............ 3,014 16,557 10,991 10,878 604 562 - 44,306 385,314 

 Nov ........... 3,026 15,782 11,719 10,802 1,055 406 - 46,166 434,377 

 Dec ........... 3,034 20,273 12,564 11,067 1,037 333 - 44,115 446,016 

2005 - Jan ............ 3,041 21,989 9,833 10,982 1,135 442 - 41,610 433,626 

 Feb ........... 3,046 23,261 10,062 10,897 1,241 459 - 42,521 436,758 

 Mar ........... 3,052 24,122 10,974 10,792 2,168 495 - 39,260 437,158 

 Apr............ 3,061 22,803 11,946 10,701 2,536 533 - 39,577 424,177 

 May........... 3,068 25,232 11,805 10,617 2,759 426 - 54,722 428,660 

 June.......... 3,075 24,819 10,830 10,858 3,403 446 - 53,823 423,216 

 

Note.—Detail may not add to totals due to rounding. 

TABLE FD-3.—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Bank 

Insurance 

Fund 

(3) 

Employees 

Life Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

2000 .............. 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

2001 .............. 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114 

2002 .............. 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759 

2003 .............. 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427 

2004 .............. 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599 

 

2004 - June ... 3,111,724 11,132 31,856 27,766 10,355 183,508 626,116 267,270 22,336 1,441,031 

 July .... 3,105,732 11,155 31,962 27,806 10,366 183,348 623,579 263,282 22,337 1,445,359 

 Aug .... 3,110,630 11,242 32,335 28,090 10,305 182,635 608,277 263,003 22,666 1,447,104 

 Sept... 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599 

 Oct..... 3,121,569 10,681 32,073 28,123 10,333 182,212 641,678 263,733 23,324 1,457,186 

 Nov.... 3,158,863 11,521 32,511 28,465 10,268 181,692 624,923 263,539 23,543 1,459,068 

 Dec .... 3,230,551 12,139 32,198 28,512 10,285 186,191 627,770 270,383 23,870 1,500,764 

2005 - Jan ..... 3,243,619 10,823 32,077 28,537 10,305 187,472 638,075 273,910 23,869 1,515,893 

 Feb .... 3,249,385 12,383 32,126 28,807 12,060 186,787 635,265 272,022 24,130 1,517,560 

 Mar .... 3,248,893 12,919 31,870 28,817 12,086 186,645 632,790 268,665 22,998 1,524,082 

 Apr..... 3,259,619 12,292 31,858 28,830 12,113 188,414 629,793 273,207 24,505 1,543,270 

 May.... 3,282,156 12,327 32,317 29,149 12,074 188,092 626,894 272,750 24,627 1,546,637 

 June... 3,356,344 12,465 32,229 29,125 12,104 193,669 642,298 282,089 23,111 1,598,784 

 
FEDERAL DEBT 

September 2005

28 

TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

 Postal 

 Service 

 (6) 

 Other 

 (7) 

 

2000 ..................................... 27,672 63 227 775 25,987 51 569 

2001 ..................................... 27,011 63 231 775 25,381 - 561 

2002 ..................................... 26,874 - 298 775 25,261 - 541 

2003 ..................................... 25,952 - 279 325 24,876 - 472 

2004 ..................................... 24,183 - 200 325 23,253 - 406 

 

2004 - June .......................... 24,221 - 163 325 23,313 - 421 

July........................... 24,035 - 185 325 23,103 - 422 

Aug........................... 23,795 - 196 325 22,864 - 410 

Sept.......................... 24,183 - 200 325 23,253 - 406 

Oct............................ 24,122 - 203 325 23,186 - 407 

Nov........................... 24,164 - 207 325 23,224 - 408 

Dec........................... 24,261 - 207 325 23,319 - 409 

2005 - Jan ............................ 24,131 - 211 325 23,184 - 411 

Feb ........................... 23,909 - 217 325 22,967 - 401 

Mar ........................... 24,077 - 139 325 23,208 - 404 

Apr............................ 23,888 - 140 325 23,018 - 405 

May .......................... 23,972 - 143 325 23,101 - 402 

June ......................... 23,738 - 143 - 23,191 - 404 

 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 

September 2005 

29

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

2000 ............................... 2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos. 

2001 ............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 

2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 

 

2004 - June .................... 3,067,768 1,136,300 1,082,581 408,129 243,436 197,323 4 yrs. 11 mos. 

July ..................... 3,088,164 1,147,439 1,070,294 418,436 243,436 208,560 4 yrs. 11 mos. 

Aug ..................... 3,145,333 1,148,585 1,137,991 406,590 243,436 208,731 4 yrs. 11 mos. 

Sept.................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 

Oct...................... 3,166,311 1,143,145 1,137,251 434,604 242,636 208,675 4 yrs. 10 mos. 

Nov ..................... 3,233,704 1,177,963 1,159,725 444,697 250,625 200,694 4 yrs. 10 mos. 

Dec ..................... 3,225,653 1,149,591 1,170,576 453,993 250,625 200,868 4 yrs. 10 mos. 

2005 - Jan ...................... 3,240,748 1,132,991 1,195,479 452,642 269,863 189,773 4 yrs. 10 mos. 

Feb ..................... 3,322,699 1,184,006 1,231,825 456,120 269,036 181,712 4 yrs. 9 mos. 

Mar ..................... 3,372,393 1,211,253 1,244,945 465,335 269,072 181,789 4 yrs. 8 mos. 

Apr...................... 3,310,933 1,143,168 1,253,939 462,850 268,951 182,025 4 yrs. 9 mos. 

May..................... 3,311,486 1,132,636 1,250,391 477,013 269,100 182,346 4 yrs. 10 mos. 

June.................... 3,292,256 1,095,354 1,260,365 485,465 268,443 182,629 4 yrs. 10 mos. 

 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 

September 2005

30 

TABLE FD-6.—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Debt subject to limit Securities outstanding subject to limit 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 

 

2004 - June ..................................... 7,384,000 7,229,320 7,229,174 147 7,274,335 147 45,161 

July ...................................... 7,384,000 7,271,328 7,271,159 169 7,316,568 169 45,408 

Aug ...................................... 7,384,000 7,305,531 7,305,351 180 7,350,950 180 45,599 

Sept..................................... 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 

Oct....................................... 7,384,000 7,383,975 7,383,788 187 7,429,677 187 45,889 

Nov ...................................... 8,184,000 7,464,740 7,464,549 191 7,525,210 191 60,660 

Dec ...................................... 8,184,000 7,535,644 7,535,454 191 7,596,144 191 60,690 

2005 - Jan ....................................... 8,184,000 7,567,702 7,567,634 68 7,627,743 68 60,109 

Feb ...................................... 8,184,000 7,652,726 7,652,653 74 7,713,138 74 60,485 

Mar ...................................... 8,184,000 7,715,503 7,715,380 123 7,776,939 123 61,559 

Apr....................................... 8,184,000 7,704,041 7,703,917 124 7,764,537 124 60,621 

May...................................... 8,184,000 7,717,574 7,717,447 127 7,777,880 127 60,433 

June..................................... 8,184,000 7,778,128 7,778,001 127 7,836,496 127 58,494 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 

TABLE FD-6.—Debt Subject to Statutory Limitation (Historical)

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

 

Debt outstanding 

subject to limitation 

Interest-bearing debt 

subject to limitation 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1

(4) 

Public debt 

(5) 

Other debt 

(6) 

Non-interestbearing debt 

subject to 

limitation 

(7) 

 

2000 ................................................ 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

1

 Consists of guaranteed debt issued by the Federal Housing Administration. Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 

September 2005 

31

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2000 ................................................ 189,468 27,323 14,690 9,413 305 729 

2001 ................................................ 203,201 28,817 15,128 10,168 336 970 

2002 ................................................ 213,555 25,074 16,312 10,780 417 906 

2003 ................................................ 224,472 24,858 15,291 11,497 379 1,321 

2004 ................................................ 213,321 15,956 16,560 11,937 474 1,897 

 

2004 - June ..................................... 231,020 15,224 16,647 12,763 379 2,089 

July ...................................... 231,865 15,263 16,647 12,763 379 2,089 

Aug ...................................... 233,883 15,142 16,792 12,817 403 2,089 

Sept..................................... 213,321 15,956 16,560 11,937 474 1,897 

Oct....................................... 226,700 23,213 16,560 11,937 474 1,897 

Nov ...................................... 205,234 16,074 16,560 11,937 474 1,897 

Dec...................................... 216,546 19,478 16,560 11,937 474 1,831 

2005 - Jan ....................................... 219,074 20,857 16,562 11,937 474 1,831 

Feb ...................................... 223,236 22,912 17,365 12,040 474 1,831 

Mar ...................................... 223,597 23,780 17,716 13,148 500 1,831 

Apr....................................... 225,932 23,758 18,298 13,338 500 1,831 

May...................................... 223,440 24,301 18,298 13,338 500 1,831 

June..................................... 221,677 24,881 18,298 13,338 500 1,860 

 

 Department 

of Energy 

Department of Housing 

 and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2000 ................................................ 65,716 2,513 7,155 3,653 27,836 

2001 ................................................ 77,448 2,689 4,544 3,103 27,862 

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 

2003 ................................................ 91,938 2,698 8,794 2,640 36,657 

2004 ................................................ 96,530 2,900 7,635 1,203 29,305 

 

2004 - June ..................................... 107,991 2,770 11,794 2,056 28,692 

July...................................... 107,991 2,820 11,794 2,056 28,877 

Aug...................................... 109,164 2,820 11,794 2,056 29,195 

Sept..................................... 96,530 2,900 7,635 1,203 29,305 

Oct....................................... 100,473 2,900 7,635 1,203 27,803 

Nov...................................... 100,473 2,955 7,635 1,203 13,157 

Dec...................................... 107,811 2,955 7,635 1,203 13,555 

2005 - Jan ....................................... 107,811 2,917 7,635 1,203 13,522 

Feb...................................... 107,811 2,917 7,635 1,203 13,599 

Mar...................................... 113,130 2,777 7,635 1,203 13,065 

Apr....................................... 114,084 2,817 7,635 1,203 12,927 

May ..................................... 110,215 2,737 7,635 1,203 13,035 

June .................................... 111,467 2,707 7,635 1,203 12,535 

 
FEDERAL DEBT 

September 2005

32 

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2000 ...................................... 6,683 2,746 10,012 10,694 

2001 ...................................... 7,045 2,884 10,087 12,120 

2002 ...................................... 6,657 2,870 11,036 12,133 

2003 ...................................... 7,281 2,954 6,627 11,538 

2004 ...................................... 7,237 2,962 8,546 10,179 

 

2004 - June ........................... 6,985 2,137 8,546 12,947 

July............................ 6,985 2,422 8,546 13,233 

Aug............................ 6,985 2,678 8,546 13,402 

Sept........................... 7,237 2,962 8,546 10,179 

Oct............................. 7,237 3,240 12,189 9,939 

Nov............................ 7,237 3,496 12,189 9,947 

Dec............................ 7,237 3,781 12,189 9,899 

2005 - Jan ............................. 7,237 4,067 12,773 10,248 

Feb ............................ 7,237 4,311 12,744 11,157 

Mar ............................ 5,688 4,587 7,692 10,845 

Apr............................. 5,848 4,862 7,692 11,139 

May ........................... 5,848 5,121 7,692 11,686 

June .......................... 5,848 2,170 7,692 11,543 

 

Note.—Detail may not add to totals due to rounding. 
September 2005

33

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United 

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities. 

• Table PDO-1 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $5 million for bills and $5 million for notes and bonds in 

each auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

Note: Additional information, including auction allotments 

by investor class for marketable Treasury coupon and bill 

securities, is posted on the 7th business day of each month at 

http://www.treas.gov/offices/domestic-finance/debtmanagement/investor_class_auction.shtml. 

TREASURY FINANCING: APRIL-JUNE 

[Source: Bureau of the Public Debt, Office of Financing] 

A P R I L 

Cash Management Bills 

On March 28, 2005, Treasury announced it would 

auction $25,000 million of 14-day bills. They were issued 

April 1 and matured April 15. The issue was to raise new 

cash. Treasury auctioned the bills on March 30. Tenders 

totaled $58,567 million; Treasury accepted $25,000 million. 

The high bank discount rate was 2.720 percent. 

On April 4, Treasury announced it would auction 

$15,000 million of 8-day bills. They were issued April 7 and 

matured April 15. The issue was to raise new cash. Treasury 

auctioned the bills on April 6. Tenders totaled $43,337 

million; Treasury accepted $15,001 million. The high bank 

discount rate was 2.660 percent. 

On April 11, Treasury announced it would auction 

$7,000 million of 4-day bills. They were issued April 14 and 

matured April 18. The issue was to raise new cash. Treasury 

auctioned the bills on April 13. Tenders totaled $23,130 

million; Treasury accepted $7,000 million. The high bank 

discount rate was 2.640 percent. 

Auction of 5-Year Notes 

On April 11, 2005, Treasury announced it would auction 

$15,000 million of 5-year notes of Series H-2010. The issue 

was to raise new cash. 

The notes of Series H-2010 were dated and issued April 

15. They are due April 15, 2010, with interest payable on 

October 15 and April 15 until maturity. Treasury set an 

interest rate of 4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon eastern daylight saving time (e.d.s.t.) for 

noncompetitive tenders and before 1:00 p.m. e.d.s.t. for 

competitive tenders on April 13. Tenders totaled $27,853 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.046 percent with an 

equivalent price of $99.793649. Treasury accepted in full all 

competitive tenders at yields lower than 4.046 percent. 

Tenders at the high yield were allotted 4.94 percent. The 

median yield was 4.020 percent, and the low yield was 3.950 

percent. Noncompetitive tenders totaled $110 million. 

Competitive tenders accepted from private investors totaled 

$14,890 million. The minimum par amount required for 

STRIPS of notes of Series H-2010 is $1,000. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2005 

34 

Auction of 9-Year 9-Month 1-5/8 Percent Treasury 

Inflation-Protected Security (TIPS) 

On April 11, 2005, Treasury announced it would auction 

$9,000 million of 9-year 9-month 1-5/8 percent TIPS to raise 

new cash. 

The 9-year 9-month TIPS of Series A-2015 were dated 

January 15 and issued April 15. They are due January 15, 

2015, with interest payable on July 15 and January 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on April 14. Tenders totaled 

$17,699 million; Treasury accepted $9,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.750 percent with an 

equivalent adjusted price of $99.020489. Treasury accepted 

in full all competitive tenders at yields lower than 1.750. 

Tenders at the high yield were allotted 9.01 percent. The 

median yield was 1.690 percent, and the low yield was 1.590 

percent. Noncompetitive tenders totaled $48 million. 

Competitive tenders accepted from private investors totaled 

$8,902 million. Adjusted accrued interest of $4.04572 per 

$1,000 must be paid for the period from January 15 to April 

15. Both the unadjusted price of $98.882054 and the 

unadjusted accrued interest of $4.04006 were adjusted by an 

index ratio of 1.00140, for the period from January 15 

through April 15. The minimum par amount required for 

STRIPS of TIPS is $1,000. 

Auction of 5-Year 0-7/8 Percent TIPS 

On April 21, 2005, Treasury announced it would auction 

$9,000 million of 5-year 0-7/8 percent TIPS to raise new 

cash. 

The 5-year TIPS of Series D-2010 were dated October 

15, 2004, and issued April 29. They are due April 15, 2010, 

with interest payable on October 15 and April 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on April 26. Tenders totaled 

$16,910 million; Treasury accepted $9,000 million at the 

high yield of 1.200 percent with an equivalent adjusted price 

of $99.624026. Tenders at the high yield were allotted 66.93 

percent. The median yield was 1.149 percent, and the low 

yield was 1.100 percent. Noncompetitive tenders totaled $78 

million. Competitive tenders accepted from private investors 

totaled $8,922 million. Adjusted accrued interest of 

$0.33873 per $1,000 must be paid for the period from April 

15 to April 29. Both the unadjusted price of $98.438823 and 

the unadjusted accrued interest of $0.33470 were adjusted by 

an index ratio of 1.01204, for the period from October 15 

through April 29. The minimum par amount required for 

STRIPS of TIPS is $1,000. 

Auction of 2-Year Notes 

On April 25, 2005, Treasury announced it would auction 

$24,000 million of 2-year notes of Series Q-2007. The issue 

was to refund $26,301 million of securities maturing April 

30 and to pay down approximately $2,301 million. 

The notes of Series Q-2007 were dated April 30 and 

issued on May 2. They are due April 30, 2007, with interest 

payable on October 31 and April 30 until maturity. Treasury 

set an interest rate of 3-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on April 27. Tenders totaled 

$42,387 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.650 percent with the 

equivalent price of $99.951975. Treasury accepted in full all 

competitive tenders at yields lower than 3.650 percent. 

Tenders at the high yield were allotted 12.22 percent. The 

median yield was 3.614 percent, and the low yield was 3.579 

percent. Noncompetitive tenders totaled $839 million. 

Competitive tenders accepted from private investors totaled 

$23,162 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $7,994 million from 

FRBs for their own accounts. Accrued interest of $0.19701 

per $1,000 must be paid for the period from April 30 to May 

2. The minimum par amount required for STRIPS of notes 

of Series Q-2007 is $1,000. 

M A Y 

May Quarterly Financing 

On May 4, 2005, Treasury announced it would auction 

$22,000 million of 3-year notes of Series N-2008, $15,000 

million of 5-year notes of Series J-2010, and $14,000 million 

of 10-year notes of Series C-2015 to refund $39,625 million 

of Treasury securities maturing or called on May 15 and to 

raise new cash of approximately $11,375 million. 

The 3-year notes of Series N-2008 were dated May 15 

and issued May 16. They are due May 15, 2008, with 

interest payable on November 15 and May 15 until maturity. 

Treasury set an interest rate of 3-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on May 10. Tenders totaled 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2005 

35

$52,417 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.821 percent with an 

equivalent price of $99.800526. Treasury accepted in full all 

competitive tenders at yields lower than 3.821 percent. 

Tenders at the high yield were allotted 87.52 percent. The 

median yield was 3.810 percent, and the low yield was 3.650 

percent. Noncompetitive tenders totaled $494 million. 

Competitive tenders accepted from private investors totaled 

$21,506 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $4,707 million from 

FRBs for their own accounts. Accrued interest of $0.10190 

per $1,000 must be paid for the period from May 15 to May 

16. The minimum par amount required for STRIPS of notes 

of Series N-2008 is $1,000. 

The 5-year notes of Series J-2010 were dated May 15 

and issued May 16. They are due May 15, 2010, with 

interest payable on November 15 and May 15 until maturity. 

Treasury set an interest rate of 3-7/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on May 11. Tenders totaled 

$37,073 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.890 percent with an 

equivalent price of $99.932269. Treasury accepted in full all 

competitive tenders at yields lower than 3.890 percent. 

Tenders at the high yield were allotted 63.42 percent. The 

median yield was 3.869 percent, and the low yield was 3.800 

percent. Noncompetitive tenders totaled $234 million. 

Competitive tenders accepted from private investors totaled 

$14,666 million. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $3,748 million from 

FRBs for their own accounts. Accrued interest of $0.10530 

per $1,000 must be paid for the period from May 15 to May 

16. The minimum par amount required for STRIPS of notes 

of Series J-2010 is $1,000. 

The 10-year notes of Series C-2015 were dated May 15 

and issued May 16. They are due May 15, 2015, with 

interest payable on November 15 and May 15 until maturity. 

Treasury set an interest rate of 4-1/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on May 12. Tenders totaled 

$32,639 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.220 percent with an 

equivalent price of $99.231425. Treasury accepted in full all 

competitive tenders at yields lower than 4.220 percent. 

Tenders at the high yield were allotted 35.09 percent. The 

median yield was 4.188 percent, and the low yield was 4.100 

percent. Noncompetitive tenders totaled $74 million. 

Competitive tenders accepted from private investors totaled 

$13,826 million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $2,471 million from 

FRBs for their own accounts. Accrued interest of $0.11209 

per $1,000 must be paid for the period from May 15 to May 

16. The minimum par amount required for STRIPS of notes 

of Series C-2015 is $1,000. 

Auction of 2-Year Notes 

On May 23, 2005, Treasury announced it would auction 

$22,000 million of 2-year notes. The issue was to refund 

$23,905 million of securities maturing May 31 and to pay 

down approximately $1,905 million. 

The notes of Series R-2007 were dated and issued May 

31. They are due May 31, 2007, with interest payable on 

November 30 and May 31 until maturity. Treasury set an 

interest rate of 3-1/2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on May 25. Tenders totaled 

$51,831 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.615 percent with an 

equivalent price of $99.780029. Treasury accepted in full all 

competitive tenders at yields lower than 3.615 percent. 

Tenders at the high yield were allotted 12.57 percent. The 

median yield was 3.598 percent, and the low yield was 3.500 

percent. Noncompetitive tenders totaled $973 million. 

Competitive tenders accepted from private investors totaled 

$21,027 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $7,116 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series R-2007 is $1,000. 

J U N E 

Cash Management Bills 

On May 26, 2005, Treasury announced it would auction 

$10,000 million of 14-day bills. They were issued June 1 

and matured June 15. The issue was to raise new cash. 

Treasury auctioned the bills on May 31. Tenders totaled 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2005 

36 

$26,005 million; Treasury accepted $10,000 million. The 

high bank discount rate was 2.895 percent. 

On May 31, Treasury announced it would auction 

$16,000 million of 12-day bills. They were issued June 3 

and matured June 15. The issue was to raise new cash. 

Treasury auctioned the bills on June 2. Tenders totaled 

$32,955 million; Treasury accepted $16,000 million. The 

high bank discount rate was 2.935 percent. 

On June 2, Treasury announced it would auction $12,000 

million of 8-day bills. They were issued June 7 and matured 

June 15. The issue was to raise new cash. Treasury 

auctioned the bills on June 6. Tenders totaled $33,055 

million; Treasury accepted $12,000 million. The high bank 

discount rate was 2.940 percent. 

Auction of 5-Year Notes 

On June 6, 2005, Treasury announced it would auction 

$14,000 million of 5-year notes of Series K-2010. The issue 

was to raise new cash. 

The notes of Series K-2010 were dated and issued June 

15. They are due June 15, 2010, with interest payable on 

December 15 and June 15 until maturity. Treasury set an 

interest rate of 3-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on June 8. Tenders totaled 

$36,382 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.705 percent with an 

equivalent price of $99.637908. Treasury accepted in full all 

competitive tenders at yields lower than 3.705 percent. 

Tenders at the high yield were allotted 55.78 percent. The 

median yield was 3.679 percent, and the low yield was 3.600 

percent. Noncompetitive tenders totaled $64 million. 

Competitive tenders accepted from private investors totaled 

$13,836 million. The minimum par amount required for 

STRIPS of notes of Series K-2010 is $1,000. 

Auction of 9-Year 11-Month 4-1/8 Percent Notes 

On June 6, 2005, Treasury announced it would auction 

$8,000 million of 9-year 11-month 4-1/8 percent notes of 

Series C-2015. The issue was to raise new cash. 

The notes of Series C-2015 were dated May 15 and 

issued June 15. They are due May 15, 2015, with interest 

payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on June 9. Tenders totaled 

$20,013 million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.990 percent with an 

equivalent price of $101.091049. Treasury accepted in full 

all competitive tenders at yields lower than 3.990 percent. 

Tenders at the high yield were allotted 27.73 percent. The 

median yield was 3.969 percent, and the low yield was 3.900 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$7,935 million. Accrued interest of $3.47486 per $1,000 

must be paid for the period from May 15 to June 15. The 

minimum par amount required for STRIPS of notes of Series 

C-2015 is $1,000. 

Auction of 2-Year Notes 

On June 27, 2005, Treasury announced it would auction 

$20,000 million of 2-year notes of Series S-2007. The issue 

was to refund $23,730 million of securities maturing June 30 

and to pay down approximately $3,730 million. 

The notes of Series S-2007 were dated and issued June 

30. They are due June 30, 2007, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

interest rate of 3-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on June 29. Tenders totaled 

$44,584 million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.650 percent with an 

equivalent price of $99.952201. Treasury accepted in full all 

competitive tenders at yields lower than 3.650 percent. 

Tenders at the high yield were allotted 41.16 percent. The 

median yield was 3.623 percent, and the low yield was 3.580 

percent. Noncompetitive tenders totaled $950 million. 

Competitive tenders accepted from private investors totaled 

$19,050 million. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $6,667 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series S-2007 is $1,000.
PUBLIC DEBT OPERATIONS 

September 2005 

37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2005 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2005

July 31........................................................... 1 1-1/2%-N note 07/31/03 29,997 5,864 24,133 

Aug. 15.......................................................... 1 10-3/4% bond 07/02/85 9,270 2,603 6,666 

Aug. 15.......................................................... 1 6-1/2%-C note 08/15/95 15,003 3,118 11,884 

Aug. 31.......................................................... 1 2%-P note 09/02/03 30,592 7,424 23,168 

Sept. 30......................................................... 1 1-5/8%-Q note 09/30/03 31,539 6,585 24,954 

Oct. 31........................................................... 1 1-5/8%-R note 10/31/03 32,368 6,551 25,818 

Nov. 15, 05-10............................................... 12-3/4% bond 11/17/80 4,081 1,261 2,821 

Nov. 15.......................................................... 1 5-7/8%-D note 11/24/95 15,210 2,525 12,685 

Nov. 15.......................................................... 1 5-3/4%-F note 11/15/00 28,063 4,845 23,218 

Nov. 30.......................................................... 1 1-7/8%-S note 12/01/03 32,204 6,856 25,348 

Dec. 31.......................................................... 1 1-7/8%-T note 12/31/03 33,996 7,987 26,009 

Total ............................. 262,323 55,620 206,703 

 

2006 

Jan. 31........................................................... 1 1-7/8%-K note 02/02/04 32,533 6,928 25,605 

Feb. 15 .......................................................... 1 9-3/8% bond 01/15/86 4,756 1,046 3,710 

Feb. 15 .......................................................... 1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

Feb. 28 .......................................................... 1 1-5/8%-L note 03/01/04 34,002 8,000 26,002 

Mar. 31 .......................................................... 1 1-1/2%-M note 03/31/04 34,339 8,334 26,005 

Apr. 30........................................................... 1 2-1/4%-N note 04/30/04 34,335 8,333 26,001 

May 15, 06-11 ............................................... 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15........................................................... 1 6-7/8%-B note 05/15/96 16,015 3,935 12,080 

May 15........................................................... 1 4-5/8%-E note 05/15/01 27,798 3,808 23,990 

May 15........................................................... 1 2%-G note 05/15/03 22,392 391 22,001 

May 31........................................................... 1 2-1/2%-P note 06/01/04 31,308 7,072 24,236 

June 30.......................................................... 1 2-3/4%-Q note 06/30/04 32,588 7,997 24,591 

July 15........................................................... 1 7%-C note 07/15/96 22,740 5,519 17,222 

July 31........................................................... 1 2-3/4%-R note 08/02/04 31,011 8,001 23,009 

Aug. 15.......................................................... 1 2-3/8%-H note 08/15/03 27,909 4,194 23,715 

Aug. 31.......................................................... 1 2-3/8%-S note 08/31/04 31,814 8,004 23,811 

Sept. 30......................................................... 2-1/2%-T note 09/30/04 31,656 7,999 23,657 

Oct. 15........................................................... 1 6-1/2%-D note 10/15/96 22,460 5,160 17,299 

Oct. 31........................................................... 1 2-1/2%-U note 11/01/04 29,569 5,560 24,009 

Nov. 15, 06-11............................................... 14% bond 11/16/81 4,048 975 3,073 

Nov. 15.......................................................... 1 3-1/2%-F note 11/15/01 35,380 4,133 31,247 

Nov. 15.......................................................... 1 2-5/8%-J note 11/17/03 26,536 3,193 23,343 

Nov. 30.......................................................... 1 2-7/8%-V note 11/30/04 30,049 6,044 24,005 

Dec. 31.......................................................... 1 3%-W note 12/31/04 31,952 7,948 24,004 

Total ............................. 614,248 125,590 488,657 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

September 2005

38 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2005, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 

 All other 

 investors 

 (5) 

 

2007 

Jan. 15........................................................... 1 3-3/8%-A note 02/06/97 19,351 2,097 17,254 

Jan. 31........................................................... 1 3-1/8%-M note 01/31/05 29,027 5,000 24,027 

Feb. 15 .......................................................... 1 6-1/4% B note 02/18/97 13,104 1,792 11,312 

Feb. 15 .......................................................... 1 2-1/4% H note 02/17/04 25,469 1,666 23,803 

Feb. 28 .......................................................... 1 3-3/8% N note 02/28/05 32,007 8,000 24,007 

Mar. 31 .......................................................... 1 3-3/4%-P note 03/31/05 32,001 8,000 24,001 

Apr. 30........................................................... 1 3-5/8%-Q note 05/02/05 31,998 7,994 24,003 

May 15........................................................... 1 6-5/8%-C note 05/15/97 13,958 3,365 10,593 

May 15........................................................... 1 4-3/8%-E note 05/15/02 24,351 3,810 20,542 

May 15........................................................... 1 3-1/8%-J note 05/17/04 27,564 4,114 23,450 

May 31........................................................... 1 3-1/2%-R note 05/31/05 29,119 7,116 22,003 

June 30.......................................................... 1 3-5/8%-S note 06/30/05 26,665 6,667 19,998 

Aug. 15.......................................................... 1 6-1/8%-D note 08/15/97 25,637 6,096 19,541 

Aug. 15.......................................................... 1 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Aug. 15.......................................................... 1 2-3/4%-K note 08/16/04 24,674 3,220 21,453 

Nov. 15.......................................................... 1 3%-G note 11/15/02 50,620 6,609 44,010 

Nov. 15, 07-12............................................... 10-3/8% bond 11/15/82 10,126 2,412 7,714 

 Total............................. 441,082 81,725 359,357 

 

2008 

Jan. 15........................................................... 1 3-5/8%-A note 01/15/98 20,246 2,240 18,005 

Feb. 15 .......................................................... 1 5-1/2%-B note 02/17/98 13,583 2,491 11,092 

Feb. 15 .......................................................... 1 3%-E note 02/18/03 27,489 3,512 23,977 

Feb. 15 .......................................................... 1 3-3/8%-M note 02/15/05 23,885 1,883 22,003 

May 15........................................................... 1 5-5/8%-C note 05/15/98 27,191 6,318 20,873 

May 15........................................................... 1 2-5/8%-F note 05/15/03 33,338 583 32,756 

May 15........................................................... 1 3-3/4%-N note 05/16/05 26,708 4,707 22,001 

Aug. 15, 08-13............................................... 12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15.......................................................... 1 3-1/4%-G note 08/15/03 21,357 4,097 17,260 

Sept. 15......................................................... 1 3-1/8%-H note 09/15/03 16,002 1,011 14,991 

Oct. 15........................................................... 1 3-1/8%-J note 10/15/03 15,996 180 15,816 

Nov. 15.......................................................... 1 4-3/4%-D note 11/16/98 25,083 3,548 21,535 

Nov. 15.......................................................... 1 3-3/8%-K note 11/17/03 18,181 2,402 15,779 

Dec. 15.......................................................... 1 3-3/8%-L note 12/15/03 16,000 1,272 14,728 

Total............................. 296,977 37,285 259,692 

 

2009 

Jan. 15............................................................ 1 3-7/8%-A note 01/15/99 18,865 2,590 16,275 

Jan. 15............................................................ 1 3-1/4%-D note 01/15/04 16,003 765 15,238 

Feb. 15............................................................ 1 3%-E note 02/17/04 17,434 1,430 16,004 

Mar. 15............................................................ 1 2-5/8%-F note 03/15/04 16,001 302 15,700 

Apr. 15 ............................................................ 1 3-1/8%-G note 04/15/04 16,003 150 15,853 

May 15, 09-14................................................. 13-1/4% bond 05/15/84 4,481 944 3,536 

May 15............................................................ 1 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

May 15............................................................ 1 3-7/8%-H note 05/17/04 18,060 3,795 14,265 

June 15........................................................... 1 4%-J note 06/15/04 15,005 50 14,955 

July 15 ............................................................ 1 3-5/8%-K note 07/15/04 15,005 562 14,443 

Aug. 15, 09-14 ................................................ 12-1/2% bond 08/15/84 4,388 906 3,482 

Aug. 15 ........................................................... 1 6%-C note 08/16/99 27,400 5,730 21,670 

Aug. 15 ........................................................... 1 3-1/2%-L note 08/16/04 17,295 2,290 15,004 

Sept. 15 .......................................................... 3-3/8%-M note 09/15/04 15,005 - 15,005 

Oct. 15 ............................................................ 1 3-3/8%-N note 10/15/04 15,005 - 15,005 

Nov. 15, 09-14 ................................................ 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Nov. 15 ........................................................... 1 3-1/2%-P note 11/15/04 18,752 3,750 15,002 

Dec. 15 ........................................................... 1 3-1/2%-Q note 12/15/04 15,002 - 15,002 

Total............................. 269,513 27,084 242,429 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

September 2005 

39

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2005, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

 Issue date 

 (2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2010 

Jan. 15.............................................................. 1 4-1/4%-A note 01/18/00 13,091 1,439 11,653 

Jan. 15.............................................................. 1 3-5/8%-E note 01/18/05 15,005 - 15,005 

Feb. 15.............................................................. 1 6-1/2%-B note 02/15/00 23,356 4,679 18,677 

Feb. 15.............................................................. 1 3-1/2%-F note 02/15/05 16,617 1,616 15,001 

Mar. 15.............................................................. 1 4%-G note 03/15/05 15,005 - 15,005 

Apr. 15 .............................................................. 1 7/8%-D note 10/29/04 21,568 421 21,146 

Apr. 15 .............................................................. 1 4%-H note 04/15/05 15,001 - 15,001 

May 15 ............................................................. 1 3-7/8%-J note 05/16/05 18,749 3,748 15,001 

June 15............................................................. 1 3-5/8%-K note 06/15/05 14,001 - 14,001 

Aug. 15 ............................................................. 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Total ............................. 174,831 15,497 159,333 

 

2011 

Jan. 15 ............................................................ 1 3-1/2%-A note 01/16/01 12,298 432 11,866 

Feb. 15............................................................ 1 5%-B note 02/15/01 23,436 3,583 19,853 

Aug. 15 ........................................................... 1 5%-C note 08/15/01 26,635 3,206 23,430 

Total ............................. 62,369 7,220 55,149 

 

2012 

Jan. 15.............................................................. 1 3-3/8%-A note 01/15/02 6,579 88 6,491 

Feb. 15.............................................................. 1 4-7/8%-B note 02/15/02 24,780 3,200 21,580 

July 15 .............................................................. 1 3%-C note 07/15/02 24,907 2,475 22,432 

Aug. 15 ............................................................. 1 4-3/8%-D note 08/15/02 19,648 2,867 16,781 

Nov. 15 ............................................................. 1 4%-E note 11/15/02 18,113 236 17,877 

Total ............................. 94,026 8,864 85,162 

 

2013 

Feb. 15.............................................................. 1 3-7/8%-A note 02/18/03 19,498 1,587 17,912 

May 15.............................................................. 1 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15 .............................................................. 1 1-7/8%-C note 07/15/03 21,195 310 20,884 

Aug. 15 ............................................................. 1 4-1/4%-D note 08/15/03 33,521 4,359 29,162 

Nov. 15 ............................................................. 1 4-1/4%-E note 11/17/03 30,637 2,036 28,601 

Total ............................. 123,105 8,544 114,561 

 

2014 

Jan. 15.............................................................. 1 2%-A note 01/15/04 22,113 569 21,545 

Feb. 15.............................................................. 1 4%-B note 02/17/04 28,081 1,192 26,889 

May 15.............................................................. 1 4-3/4%-C note 05/17/04 27,303 2,643 24,660 

July 15 .............................................................. 1 2%-D note 07/17/04 19,613 - 19,613 

Aug. 15 ............................................................. 1 4-1/4%-E note 08/16/04 24,722 1,718 23,004 

Nov. 15. ............................................................ 1 4-1/4%-F note 11/15/04 25,473 2,471 23,002 

Total ............................. 147,305 8,593 138,712 

 

2015 

Jan. 15 ............................................................. 1 1-5/8%-A note 01/18/05 19,361 - 19,361 

Feb. 15.............................................................. 1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Feb. 15.............................................................. 1 4%-B note 02/15/05 24,215 1,212 23,003 

May 15.............................................................. 1 4-1/8%-C note 05/16/05 24,472 2,471 22,001 

Aug. 15 ............................................................. 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Nov. 15 ............................................................. 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

Total ............................. 88,176 7,702 80,474 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

September 2005

40 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2005, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2016 

Feb. 15............................................................ 1 9-1/4% bond 02/18/86 5,432 1,037 4,395 

May 15............................................................ 1 7-1/4% bond 05/15/86 18,824 1,724 17,099 

Nov. 15 ........................................................... 1 7-1/2% bond 11/17/86 18,787 2,588 16,199 

 Total .............................. 43,043 5,349 37,694 

 

2017 

May 15............................................................ 1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

Aug. 15 ........................................................... 1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total .............................. 26,528 4,813 21,715 

 

2018 

May 15............................................................ 1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

Nov. 15 ........................................................... 1 9% bond 11/22/88 7,174 1,053 6,121 

Total .............................. 13,892 2,293 11,599 

 

2019 

Feb. 15............................................................ 1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/89 18,941 2,841 16,100 

Total .............................. 32,031 5,214 26,817 

 

2020 

Feb. 15............................................................ 1 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................ 1 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15 ........................................................... 1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total .............................. 34,118 5,617 28,501 

 

2021 

Feb. 15............................................................ 1 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................ 1 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/91 9,506 1,658 7,848 

Nov. 15 ........................................................... 1 8% bond 11/15/91 30,632 4,508 26,124 

Total .............................. 60,281 9,313 50,968 

 

2022 

Aug. 15 ........................................................... 1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15 ........................................................... 1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total .............................. 17,551 3,110 14,442 

 

2023 

Feb. 15............................................................ 1 7-1/8% bond 02/16/93 15,782 2,636 13,147 

Aug. 15 ........................................................... 1 6-1/4% bond 08/16/93 22,659 1,945 20,715 

Total............................... 38,441 4,580 33,861 

 

2024 

Nov. 15 ........................................................... 1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total............................... 9,604 1,615 7,989 

 

2025 

Jan. 15............................................................ 1 2-3/8% bond 07/30/04 22,708 3,200 19,507 

Feb. 15............................................................ 1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

Aug. 15 ........................................................... 1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total .............................. 43,404 6,593 36,811 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

September 2005 

41

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2005, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2026 

Feb. 15.............................................................. 1 6% bond 02/15/96 12,838 1,164 11,674 

Aug. 15 ............................................................. 1 6-3/4% bond 08/15/96 8,810 1,614 7,196 

Nov. 15 ............................................................. 1 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total ............................ 32,509 4,502 28,007 

 

2027 

Feb. 15.............................................................. 1 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15 ............................................................. 1 6-3/8% bond 08/15/97 9,197 1,640 7,557 

Nov. 15 ............................................................. 1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total .............................. 40,740 6,473 34,267 

 

2028 

Apr. 15 .............................................................. 1 3-5/8% bond 04/15/98 20,189 3,052 17,136 

Aug. 15 ............................................................. 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 ............................................................. 1 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total .............................. 42,912 6,435 36,477 

 

2029 

Feb. 15.............................................................. 1 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15 .............................................................. 1 3-7/8% bond 04/15/99 23,074 3,156 19,918 

Aug. 15 ............................................................. 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total .............................. 45,603 6,496 39,107 

 

2030 

May 15.............................................................. 1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

Total .............................. 17,043 1,894 15,149 

 

2031 

Feb. 15.............................................................. 1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total .............................. 16,428 1,423 15,005 

 

2032 

Apr. 15 .............................................................. 1 3-3/8% bond 10/15/01 5,494 264 5,230

Total .............................. 5,494 264 5,230 

 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the 

Public Debt of the United States.” 
PUBLIC DEBT OPERATIONS 

September 2005 

42 

TABLE PDO-2.—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

 Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount 

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On 

 competitive 

 basis 

 (5) 

 On non- 

 competitive 

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate 

 (percent) 4

 (9) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2005 - Apr. 07 .................. 2005 - May 05 28 48,115.0 18,296.7 14,903.3 97.1 99.798944 2.585 2.626

July 07 91 50,191.8 24,596.3 15,704.8 1,856.9 99.308653 2.735 2.792

Oct. 06 182 41,713.4 21,837.8 14,359.3 1,369.9 98.465639 3.035 3.125

Apr. 14................. May 12 28 33,905.3 13,460.4 9,895.8 104.3 99.801278 2.555 2.596

July 14 91 53,462.5 23,330.9 14,911.3 1,674.1 99.314972 2.710 2.767

Oct. 13 182 39,326.9 20,510.9 13,575.0 1,112.1 98.450472 3.065 3.156

Apr. 21................. May 19 28 25,914.1 12,284.7 7,906.1 94.0 99.790778 2.690 2.733

July 21 91 39,895.8 22,290.8 14,120.8 1,648.7 99.290958 2.805 2.864

Oct. 20 182 36,913.5 19,404.5 12,399.3 1,305.2 98.463111 3.040 3.130

Apr. 28................. May 26 28 34,234.4 12,831.6 7,444.8 63.9 99.790778 2.690 2.733

July 28 91 49,497.9 22,443.1 13,307.7 1,706.8 99.272000 2.880 2.941

Oct. 27 182 40,023.2 19,350.8 11,872.0 1,142.3 98.437833 3.090 3.183

May 05................. June 02 28 35,190.1 13,668.1 7,903.0 97.1 99.797389 2.605 2.647

Aug. 04 91 38,991.6 21,637.3 12,851.6 1,720.8 99.274528 2.870 2.931

Nov. 03 182 32,960.1 18,213.6 11,364.9 1,290.2 98.440361 3.085 3.177

May 12................. June 09 28 31,963.1 13,595.2 7,915.7 84.5 99.799722 2.575 2.616

Aug. 11 91 39,407.6 21,772.9 12,898.4 1,723.3 99.279583 2.850 2.911

Nov. 10 182 35,417.4 18,274.8 11,633.1 1,141.0 98.422667 3.120 3.214

May 19................. June 16 28 33,678.3 17,361.2 11,904.6 95.6 99.801667 2.550 2.591

Aug. 18 91 38,096.3 22,866.7 14,002.9 1,758.6 99.292222 2.800 2.859

Nov. 17 182 32,888.0 19,536.8 12,506.5 1,368.5 98.447944 3.070 3.162

May 26................. June 23 28 39,484.3 22,881.4 17,912.8 82.4 99.784944 2.765 2.809

Aug. 25 91 41,032.7 24,295.7 14,480.5 1,752.8 99.268208 2.895 2.957

Nov. 25 183 36,434.3 20,791.9 12,878.0 1,271.9 98.419083 3.110 3.204

June 02................ June 30 28 47,639.5 20,132.1 14,913.1 86.9 99.786889 2.740 2.784

Sept. 01 91 42,888.4 24,732.4 15,035.7 1,541.4 99.258097 2.935 2.998

Dec. 01 182 38,942.7 20,988.1 13,537.2 1,188.0 98.442889 3.080 3.172

June 09................ July 07 28 41,180.9 17,437.2 12,915.9 84.1 99.784167 2.775 2.820

Sept. 08 91 43,114.3 25,058.7 15,000.9 1,542.7 99.250514 2.965 3.029

Dec. 08 182 43,639.2 21,178.3 13,601.6 1,123.5 98.453000 3.060 3.151

June 16................ July 14 28 34,631.1 12,138.9 7,931.6 68.5 99.787278 2.735 2.779

Sept. 15 91 44,608.9 24,946.2 14,968.3 1,664.2 99.247986 2.975 3.039

Dec. 15 182 38,438.5 21,071.5 13,696.4 1,203.7 98.422667 3.120 3.214

June 23................ July 21 28 28,444.7 11,968.7 7,920.7 79.3 99.783778 2.780 2.825

Sept. 22 91 44,281.0 23,947.1 13,887.1 1,602.7 99.250514 2.965 3.029

Dec. 22 182 35,282.0 19,850.9 12,719.5 1,055.6 98.394861 3.175 3.272

June 30................ July 28 28 29,063.9 12,551.7 7,922.3 77.7 99.772500 2.925 2.972

 Sept. 29 91 43,173.5 23,611.7 13,650.4 1,630.2 99.221444 3.080 3.147

 Dec. 29 182 37,618.1 19,778.0 11,924.9 1,187.3 98.372111 3.220 3.319

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

September 2005 

43

TABLE PDO-3.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and 

equivalent price 

for notes and 

bonds 

(6) 

 

07/01/04 07/02/04 1.150% bill—07/15/04 13d 43,825 21,001 

07/06/04 07/08/04 1.160% bill—07/15/04 7d 21,241 6,000 

07/07/04 07/15/04 3-5/8% note—07/15/09-K 5y 34,879 15,000 3.663 - 99.828 

07/08/04 07/15/04 2% TIPS—07/15/14-D 10y 18,864 10,000 2.020 - 99.820 

07/27/04 07/30/04 2-3/8% TIPS—01/15/25 20y 6m 16,440 11,000 2.470 - 98.758 

07/28/04 08/02/04 2-3/4% note—07/31/06-R 2y 63,678 31,006 2.797 - 99.909 

08/09/04 08/16/04 2-3/4% note—08/15/07-K 3y 47,145 24,668 2.842 - 99.737 

08/11/04 08/16/04 3-1/2% note—08/15/09-L 5y 41,940 17,290 3.520 - 99.909 

08/12/04 08/16/04 4-1/4% note—08/15/14-E 10y 42,312 15,718 4.270 - 99.838 

08/25/04 08/31/04 2-3/8% note—08/31/06-S 2y 60,382 31,807 2.494 - 99.769 

08/31/04 09/01/04 1.480% bill—09/15/04 14d 38,794 16,000 

09/02/04 09/03/04 1.460% bill—09/15/04 12d 37,380 16,000 

09/07/04 09/08/04 1.480% bill—09/15/04 7d 29,455 9,000 

09/08/04 09/15/04 3-3/8% note—09/15/09-M 5y 40,806 15,000 3.439 - 99.708 

09/09/04 09/15/04 4-1/4% note—08/15/14-E 9y 11m 19,059 9,000 4.195 - 100.436 

09/29/04 09/30/04 2-1/2% note—09/30/06-T 2y 60,355 31,652 2.620 - 99.767659 

09/29/04 10/01/04 1.595% bill—10/15/04 14d 30,830 14,000 

10/06/04 10/15/04 3-3/8% note—10/15/09-N 5y 34,811 15,000 3.490 - 99.476542 

10/07/04 10/15/04 2% TIPS—07/15/14-D 9y 9m 21,970 9,000 1.885 - 101.525704 

10/12/04 10/13/04 1.680% bill—10/15/04 2d 27,855 8,001 

10/26/04 10/29/04 7/8% TIPS—04/15/10-D 5y 6m 21,653 12,000 0.950 - 99.625501 

10/27/04 11/01/04 2-1/2% note—10/31/06-U 2y 51,950 29,560 2.590 - 99.825825 

11/08/04 11/15/04 3% note—11/15/07-G 3y 54,473 27,301 3.090 - 99.744019 

11/09/04 11/15/04 3-1/2% note—11/15/09-P 5y 47,223 18,750 3.510 - 99.954506 

11/10/04 11/15/04 4-1/4% note—11/15/14-F 10y 31,232 16,471 4.280 - 99.758010 

11/17/04 11/18/04 1.890% bill—11/23/04 5d 28,215 7,000 

11/23/04 11/30/04 2-7/8% note—11/30/06-V 2y 68,629 30,044 2.945 - 99.865006 

11/30/04 12/01/04 1.950% bill—12/15/04 14d 17,377 4,000 

12/01/04 12/03/04 1.960% bill—12/15/04 12d 56,045 24,001 

12/03/04 12/07/04 1.980% bill—12/15/04 8d 32,240 14,000 

12/08/04 12/15/04 3-1/2% note—12/15/09-Q 5y 39,029 15,000 3.550 - 99.772769 

12/09/04 12/15/04 4-1/4% note—11/15/14-F 9y 11m 24,159 9,000 4.150 - 100.800290 

12/29/04 12/31/04 3% note—12/31/06-W 2y 55,921 31,948 3.120 - 99.769076 

01/11/05 01/13/05 2.040% bill—01/18/05 5d 22,127 4,000 

01/12/05 01/18/05 3-5/8% note—01/15/10-E 5y 35,559 15,000 3.731 - 99.520732 

01/13/05 01/18/05 1-5/8% TIPS—01/15/15-A 10y 18,848 10,000 1.725 - 99.090640 

01/25/05 01/31/05 2-3/8% TIPS—01/15/25 20y 15,041 11,000 2.000 - 107.552000 

01/26/05 01/31/05 3-1/8% note—01/31/07-M 2y 53,236 29,000 3.245 - 99.769428 

02/09/05 02/11/05 2.380% bill—02/14/05 3d 22,655 5,000 

02/08/05 02/15/05 3-3/8% note—01/15/08-M 3y 46,180 23,883 3.470 - 99.731536 

02/09/05 02/15/05 3-1/2% note—02/15/10-F 5y 39,513 16,616 3.618 - 99.464692 

02/10/05 02/15/05 4% note—02/15/15-B 10y 29,949 15,212 4.049 - 99.600335 

02/24/05 02/28/05 3-3/8% note—02/28/07-N 2y 54,425 32,000 3.498 - 99.764391 

03/02/05 03/03/05 2.440% bill—03/15/05 12d 33,622 11,000 

03/07/05 03/08/05 2.465% bill—03/15/05 7d 35,760 13,000 

03/09/05 03/15/05 4% note—03/15/10-G 5y 38,767 15,000 4.080 - 99.641447 

03/10/05 03/15/05 4% note—02/15/15-F 9y 11m 21,172 9,000 4.504 - 95.996638 

03/30/05 03/31/05 3-3/4% note—03/31/07-P 2y 56,769 32,000 3.860 - 99.790219 

03/30/05 04/01/05 2.720% bill—04/15/05 14d 58,567 25,000 

04/06/05 04/07/05 2.660% bill—04/15/05 8d 43,337 15,001 

04/13/05 04/14/05 2.640% bill—04/18/05 4d 23,130 7,000 

04/13/05 04/15/05 4% note—04/15/10-H 5y 27,853 15,000 4.046 - 99.793649 

04/14/05 04/15/05 1-5/8% TIPS—-01/15/15-A 9y 9m 17,699 9,000 1.750 - 99.020489 

04/26/05 04/29/05 0-7/8% TIPS—04/15/10-D 5y 16,910 9,000 1.200 - 99.624026 

04/27/05 05/02/05 3-5/8% note—04/30/07-Q 2y 50,381 31,995 3.650 - 99.951975 

05/10/05 05/16/05 3-3/4% note—05/15/08-N 3y 57,124 26,707 3.821 - 99.800526 

05/11/05 05/16/05 3-7/8% note—05/15/10-J 5y 40,821 18,748 3.890 - 99.932269 

05/12/05 05/16/05 4-1/8% note—05/15/15-C 10y 35,109 16,471 4.220 - 99.231425 

05/25/05 05/31/05 3-1/2% note—05/31/07-R 2y 58,948 29,116 3.615 - 99.780029 

05/31/05 06/01/05 2.895% bill—06/15/05 14d 26,005 10,000 

06/02/05 06/03/05 2.935% bill—06/15/05 12d 32,955 16,000 

06/06/05 06/07/05 2.940% bill—06/15/05 8d 33,055 12,000 

06/08/05 06/15/05 3-5/8% note—06/15/10-K 5y 36,382 14,000 3.705 - 99.637908 

06/09/05 06/15/05 4-1/8% note—05/15/15-C 9y 11m 20,013 8,000 3.990 - 101.091049 

06/29/05 06/30/05 3-5/8% note—06/30/07-S 2y 51,251 26,667 3.650 - 99.952201 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
September 2005 

44 

INTRODUCTION: Savings Bonds and Notes 

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. As of September 1, 2004, 

investors are no longer able to reinvest H and HH bonds or 

exchange E and EE bonds for HH bonds. Series A-D were 

sold from March 1, 1935, through April 30, 1941. Series E 

was on sale from May 1, 1941, through December 31, 1979 

(through June 1980 to payroll savers only). Series F and G 

were sold from May 1, 1941, through April 30, 1952. Series 

H was sold from June 1, 1952, through December 31, 1979. 

Series HH bonds were sold for cash from January 1, 1980, 

through October 31, 1982. Series J and K were sold from 

May 1, 1952, through April 30, 1957. U.S. savings notes 

were on sale May 1, 1967, through June 30, 1970. The notes 

were eligible for purchase by individuals with the 

simultaneous purchase of series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal year 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through June 30, 2005 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

 Series 

Sales 1 

(1) 

Accrued 

discount 

(2) 

Sales plus accrued 

discount 

(3) 

 Redemptions 1 

 (4) 

 Interest- 

 bearing debt 

 (5) 

 Matured 

 non-interest-

 bearing debt

 (6) 

 

Savings bonds: 

Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH................................. 403,377 248,023 651,400 475,661 162,537 13,202 

Series I............................................................ 27,867 3,196 31,063 2,729 28,331 - 

Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K................................................. 3,556 198 3,754 3,753 - - 

Savings notes ................................................. 862 679 1,541 1,460 - 82 

Total ............................................................ 468,007 254,275 722,282 518,122 190,869 13,289 

 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series E 

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

bonds for series H bonds beginning January 1960 through April 1970; and (3) U.S. savings 

notes for series H bonds beginning January 1972; however, they exclude exchanges of 

series E and EE bonds for series H and HH bonds. 
U.S. SAVINGS BONDS AND NOTES 

September 2005 

45

TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 1 

(5) 

Accrued 

discount 1 

(6) 

Interestbearing debt 

(7) 

Matured 

non-interestbearing debt

(8) 

Fiscal years: 

1935-01 .............................. 427,784 227,221 655,005 468,602 332,719 135,883 179,515 6,888 

2002 ................................... 11,504 7,856 19,360 12,511 5,644 6,866 185,495 7,757 

2003 ................................... 13,187 7,274 20,461 12,212 5,573 6,639 192,563 8,938 

2004 2 ................................. 10,334 6,924 17,258 14,618 6,276 8,342 194,062 10,078 

 

Calendar years: 

1935-01 .............................. 432,573 229,199 661,772 471,443 334,010 137,433 181,416 8,913 

2002 ................................... 9,408 7,735 17,142 12,599 5,736 6,862 184,698 10,174 

2003 ................................... 13,924 7,169 21,092 12,164 5,456 6,708 192,160 11,641 

2004 2 ................................. 8,711 6,806 15,517 14,922 6,520 8,402 191,674 12,721 

 

2004 - June ........................ 748 528 1,276 1,311 613 698 194,018 10,552 

July ......................... 779 619 1,398 1,470 638 832 194,097 10,401 

Aug ......................... 996 543 1,539 1,865 1,001 864 193,912 10,260 

Sept........................ 760 494 1,254 1,286 178 1,108 194,062 10,078 

Oct.......................... 448 629 1,077 979 413 565 194,256 9,983 

Nov ......................... 616 482 1,098 972 512 460 194,468 9,897 

Dec ......................... 743 522 1,265 1,236 653 583 191,674 12,721 

2005 - Jan .......................... 735 618 1,354 1,362 577 784 191,968 12,419 

Feb ......................... 471 561 1,032 1,007 450 557 192,181 12,231 

Mar ......................... 444 512 956 1,179 563 616 192,153 12,035 

Apr.......................... 463 631 1,094 1,136 540 596 190,965 13,182 

May......................... 719 503 1,223 1,122 540 583 190,959 13,289 

June........................ 559 541 1,099 1,190 601 589 190,869 13,289 

 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

2

 Entire fiscal year and calendar year totals are included in 2004 totals. 

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and EE 

bonds for H 

and HH 

bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

Fiscal years: 

1941-01 ............. 376,757 223,919 600,676 408,375 292,872 140,050 24,547 161,044 6,710 

2002 .................. 3,696 7,366 11,062 9,720 4,354 6,835 1,470 160,038 7,588 

2003 .................. 3,740 6,683 10,422 9,415 4,152 6,600 1,336 158,536 8,761 

2004 2 ................ 3,037 5,890 8,927 12,888 4,614 8,274 2,485 153,433 9,903 

 

Calendar years: 

1941-01 ............. 378,008 225,817 603,825 409,245 301,285 134,481 26,521 159,365 8,695 

2002 .................. 3,980 7,190 11,170 9,619 4,371 6,828 1,580 158,083 9,948 

2003 .................. 3,366 6,459 9,825 9,513 4,052 6,666 1,204 155,722 11,417 

2004 2 ................ 2,951 5,788 8,740 10,704 4,710 8,326 2,332 150,352 12,490 

 

2004 - June ....... 211 444 655 925 463 691 229 155,061 10,366 

 July ........ 201 541 742 997 477 824 304 154,650 10,219 

 Aug ........ 194 479 672 1,195 834 858 498 153,767 10,081 

 Sept....... 178 426 604 605 17 1,099 511 153,433 9,903 

 Oct......... 184 555 739 740 264 559 82 153,443 9,810 

 Nov ........ 264 403 667 787 356 454 24 153,382 9,726 

 Dec ........ 358 438 796 1,053 487 576 9 150,352 12,490 

2005 - Jan ......... 250 530 780 1,166 393 776 3 150,254 12,199 

 Feb ........ 188 465 654 848 299 550 2 150,240 12,017 

 Mar ........ 197 414 611 979 373 607 1 150,059 11,827 

 Apr......... 264 531 794 942 355 587 - 148,799 12,940 

 May........ 225 398 623 926 354 572 - 148,390 13,046 

 June....... 159 431 590 982 404 578 - 147,997 13,046 

1

 Exchange of E and EE bonds for H and HH bonds are not included in sales and 

redemption figures. 

2

 Entire fiscal year and calendar year totals are included in 2004 totals. 
U.S. SAVINGS BONDS AND NOTES 

September 2005 

46 

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I, con. 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

 Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

 Total 

 (4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and 

EE bonds 

for H and 

HH bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series H and HH 

 

Fiscal years: 

1952-01 ........... 14,071 - 14,071 25,762 25,762 - 24,547 12,815 41 

2002 ................ 6 - 6 921 921 - 1,470 13,361 50 

2003 ................ -9 - -9 902 902 - 1,336 13,765 71 

2004 2 .............. -1 - -1 952 952 - 2,485 15,286 82 

 

Calendar years: 

1952-01 ........... 13,807 - 13,807 27,383 27,383 - 26,521 12,860 85 

2002 ................ 8 - 8 928 928 - 1,580 13,496 110 

2003 ................ -10 - -10 890 890 - 1,204 13,789 121 

2004 2 .............. -16 - -16 980 980 - 2,332 15,107 140 

 

2004 - June ..... 9 - 9 76 76 - 229 14,259 89 

 July ...... 23 - 23 85 85 - 304 14,504 87 

 Aug ...... 70 - 70 86 86 - 498 14,988 84 

 Sept..... -131 - -131 84 84 - 511 15,286 82 

 Oct....... -7 - -7 72 72 - 82 15,292 81 

 Nov ...... - - - 74 74 - 24 15,243 79 

 Dec ...... - - - 85 85 - 9 15,107 140 

2005 - Jan ....... - - - 94 94 - 3 15,026 130 

 Feb ...... - - - 82 82 - 2 14,950 125 

 Mar ...... - - - 104 104 - 1 14,853 120 

 Apr....... - - - 91 91 - - 14,728 154 

 May...... - - - 91 91 - - 14,634 156 

 June..... - - - 95 95 - - 14,540 156 

 

Series I 

 

Fiscal years: 

1999-01 ........... 5,605 245 5,850 194 187 7 - 5,656 - 

2002 ................ 6,332 490 6,822 382 366 16 - 12,096 - 

2003 ................ 8,120 591 8,711 545 517 28 - 20,262 - 

2004 2 .............. 4,813 1,034 5,847 766 708 58 - 25,343 - 

 

Calendar years: 

1998-01 ........... 9,118 325 9,443 251 242 9 - 9,192 - 

2002 ................ 3,839 544 4,384 455 435 20 - 13,120 - 

2003 ................ 9,363 710 10,073 544 513 31 - 22,649 - 

2004 2 .............. 3,444 1,017 4,462 896 829 66 - 26,215 - 

 

2004 - June ..... 299 84 383 80 74 6 - 24,698 - 

 July ...... 251 78 329 83 77 6 - 24,943 - 

 Aug ...... 235 65 299 86 80 6 - 25,157 - 

 Sept..... 202 68 270 84 77 7 - 25,343 - 

 Oct....... 189 73 262 84 78 6 - 25,521 - 

 Nov ...... 329 80 408 87 82 6 - 25,842 - 

 Dec ...... 376 84 460 87 81 7 - 26,215 - 

2005 - Jan ....... 482 89 571 97 90 8 - 26,688 - 

 Feb ...... 281 96 377 74 68 6 - 26,991 - 

 Mar ...... 246 98 344 94 87 8 - 27,241 - 

 Apr....... 199 100 300 102 93 9 - 27,438 - 

 May...... 494 105 600 104 94 9 - 27,934 - 

 June..... 400 110 509 112 102 10 - 28,331 - 

 

1

 Exchange of EE and E bonds are not included in sales and redemption figures. 2 Entire fiscal year and calendar year totals are included in 2004 totals. 
September 2005 

47

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

September 2005 

48 

TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues 

[In millions of dollars. Source: Financial Management Service] 

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2001 ................................................ 5,834,474 5,807,463 2,468,757 460 2,468,297 559,636 

2002 ................................................ 6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 

2003 ................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

2004 ................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

 

2004 - June ..................................... 7,298,556 7,274,335 3,055,601 142 3,055,459 685,454 

July ...................................... 7,340,603 7,316,568 3,049,266 142 3,049,124 691,656 

Aug ...................................... 7,374,745 7,350,950 3,053,080 142 3,052,938 692,734 

Sept..................................... 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

Oct....................................... 7,453,800 7,429,678 3,112,949 142 3,112,807 710,668 

Nov ...................................... 7,549,374 7,525,210 3,118,943 142 3,118,801 710,668 

Dec ...................................... 7,620,404 7,596,143 3,189,090 142 3,188,948 715,507 

2005 - Jan ....................................... 7,651,874 7,627,743 3,201,711 142 3,201,569 715,507 

Feb ...................................... 7,737,047 7,713,138 3,206,773 1 3,206,772 715,210 

Mar ...................................... 7,801,016 7,776,939 3,204,543 1 3,204,542 714,999 

Apr....................................... 7,788,426 7,764,537 3,213,845 1 3,213,844 708,904 

May...................................... 7,801,852 7,777,880 3,235,855 1 3,235,854 721,852 

June..................................... 7,860,234 7,836,496 3,308,866 1 3,308,865 721,922 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2001 .................................................................... 2,779,070 2,370,630 408,441 27,011 27,011 

2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

2003 .................................................................... 3,269,347 2,805,814 463,443 25,952 25,952 

2004 .................................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

 

2004 - June ......................................................... 3,533,280 3,069,912 463,368 24,221 24,221 

July .......................................................... 3,575,646 3,116,678 458,968 24,035 24,035 

Aug .......................................................... 3,605,136 3,147,828 457,309 23,795 23,795 

Sept......................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

Oct........................................................... 3,606,060 3,191,919 414,142 24,122 24,122 

Nov .......................................................... 3,695,599 3,252,800 442,798 24,164 24,164 

Dec .......................................................... 3,691,547 3,244,132 447,414 24,261 24,261 

2005 - Jan ........................................................... 3,710,525 3,259,316 451,210 24,131 24,131 

Feb .......................................................... 3,791,155 3,339,104 452,051 23,909 23,909 

Mar .......................................................... 3,857,397 3,388,837 468,560 24,077 24,077 

Apr........................................................... 3,841,788 3,361,781 480,007 23,888 23,888 

May.......................................................... 3,820,173 3,328,310 491,862 23,972 23,972 

June......................................................... 3,805,708 3,309,173 496,535 23,738 23,738 

 
OWNERSHIP OF FEDERAL SECURITIES 

September 2005 

49

TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues 

(Historical) 

[In millions of dollars. Source: Financial Management Service] 

Interest-bearing public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2000 ................................................ 5,701,851 5,622,092 2,235,763 461 2,235,249 511,413 

 

 Agency securities 

Interest-bearing public debt securities, con. 

Held by private investors 

End of 

fiscal year 

or month 

 Total 

 (7) 

Marketable 

(8) 

 Non- 

 marketable 

 (9) 

Matured 

public 

debt 

and debt 

bearing no 

interest 

(10) 

 Total 

 outstanding 

 (11) 

Held by 

U.S. Government 

accounts and 

Federal Reserve 

banks 

(12) 

Held by 

private 

investors 

(13) 

 

2000 ...................................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

 

Note.—Detail may not add to totals due to rounding. 
OWNERSHIP OF FEDERAL SECURITIES 

September 2005 

50 

TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities 

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

investors 9

(12) 

 

1994 - Mar......... 4,575.9 1,476.0 3,099.9 397.4 175.0 119.9 224.3 233.4 212.8 443.4 661.1 632.5 

 June ....... 4,645.8 1,547.5 3,098.3 383.8 177.1 129.2 220.6 238.0 204.6 425.2 659.9 659.9 

 Sept........ 4,692.8 1,562.8 3,130.0 364.0 178.6 136.2 217.4 243.7 201.6 398.2 682.0 708.3 

 Dec......... 4,800.2 1,622.6 3,177.6 339.6 179.9 139.9 215.6 240.1 209.4 370.0 667.3 815.8 

1995 - Mar......... 4,864.1 1,619.3 3,244.8 353.0 181.4 141.6 225.0 244.2 210.6 350.5 707.0 831.7 

 June ....... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.5 217.2 245.0 202.5 313.7 762.5 855.4 

 Sept........ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.9 211.3 245.2 211.6 304.3 820.4 837.1 

 Dec......... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.6 208.2 241.5 225.1 289.8 835.2 864.9 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.2 213.5 239.4 240.9 283.6 908.1 849.0 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.5 221.1 229.5 230.6 283.3 929.7 810.6 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.1 213.4 226.8 226.8 263.7 993.4 830.2 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 139.9 212.8 214.1 227.4 257.0 1,102.1 794.3 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.4 211.1 181.8 221.9 248.1 1,157.6 786.5 

 June ....... 5,376.2 1,998.9 3,377.3 300.1 186.3 141.9 214.9 183.1 216.8 243.3 1,182.7 708.1 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.9 223.5 186.8 221.6 235.2 1,230.5 682.0 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.4 239.3 1,241.6 674.9 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 136.5 212.1 169.4 234.7 238.1 1,250.5 701.6 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 129.6 213.2 160.6 230.7 258.5 1,256.0 623.8 

 Sept........ 5,526.2 2,213.0 3,313.2 244.4 186.0 121.1 207.8 151.3 231.8 271.8 1,224.2 674.7 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 113.2 212.6 141.7 253.5 279.7 1,278.7 630.6 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 110.4 211.5 137.5 254.0 286.8 1,272.3 621.1 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 113.7 213.8 133.6 227.9 298.5 1,258.8 525.8 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 116.8 204.8 128.0 224.4 298.5 1,281.4 494.1 

 Dec......... 5,776.1 2,542.2 3,233.9 248.6 186.4 118.5 198.8 123.4 228.7 303.2 1,268.7 557.6 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 114.3 196.9 120.0 222.0 301.6 1,106.9 698.0 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 114.9 194.5 116.5 204.8 302.2 1,082.0 565.6 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 114.7 184.7 113.7 207.4 297.4 1,057.9 555.6 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 113.2 177.9 110.2 220.7 297.2 1,034.2 540.6 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 115.2 175.8 109.1 220.7 309.4 1,029.9 560.0 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 115.9 181.2 108.1 217.5 322.7 1,000.5 403.2 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 119.3 164.5 106.8 231.2 325.7 1,005.5 451.2 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 120.7 152.4 105.7 257.5 339.4 1,051.2 420.9 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 123.3 160.2 114.0 264.3 342.8 1,067.1 398.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.6 192.7 125.2 150.4 122.0 251.7 343.9 1,135.4 323.8 

 Sept........ 6,228.2 3,303.5 2,924.8 210.4 193.3 130.9 145.5 130.4 254.6 344.2 1,200.8 314.6 

 Dec......... 6,405.7 3,387.2 3,018.5 222.8 194.9 134.7 144.1 139.7 278.8 354.0 1,246.8 302.6 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.1 196.9 138.7 140.9 139.5 295.1 352.4 1,285.9 367.5 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 137.9 148.1 138.7 301.2 347.5 1,382.8 364.0 

 Sept........ 6,783.2 3,515.3 3,268.0 146.9 201.5 139.6 141.6 137.4 286.4 357.3 1,458.5 398.8 

 Dec......... 6,998.0 3,620.1 3,377.9 154.0 203.8 140.8 147.4 136.5 279.6 359.5 1,537.6 418.6 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 165.0 204.5 142.9 148.2 140.7 281.3 369.0 1,677.1 375.6 

 June ....... 7,274.3 3,742.8 3,531.5 161.6 204.6 146.0 153.4 143.6 258.8 378.1 1,777.5 307.9 

 Sept........ 7,379.1 3,772.0 3,607.0 141.0 204.2 150.4 147.7 146.6 254.5 376.8 1,836.6 349.3 

 Dec......... 7,596.1 3,929.0 3,667.1 128.1 204.4 151.0 144.7 149.2 253.1 385.8 1,890.7 360.2 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 142.7 204.3 153.3 145.0 151.5 261.9 407.0 1,982.2 407.4 

 June ....... 7,836.5 4,033.5 3,803.0 n.a. 204.1 n.a. n.a. n.a. n.a. n.a. 2,030.0 est. n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, the June 2003 benchmark to March 2004, and the June 

2004 benchmark to March 2005. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
September 2005 

51

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

20 years. 

Table MY-1 lists Treasury market bid yields at 

constant maturities for bills, notes, and bonds. These 

“constant maturity rates (CMTs)” are interpolated from 

the Treasury yield curve and published daily at Treasury's 

web site, www.ustreas.gov/offices/domestic-finance/debtmanagement/interest-rate/yield.shtml. The yield curve is 

fitted daily using a hermite cubic spline. For inputs, 

Treasury primarily uses the bid yields on the on-the-run 

securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

of approximately 3:30 p.m. each trading day. CMT yields 

are based on semiannual interest payments and are read at 

constant maturity points to develop a consistent data 

series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

On July 31, 2001, Treasury expanded its constant 

maturity index to include a 1-month constant maturity yield, 

and Table MY-1 now includes a 1-month maturity beginning 

on that date. On February 18, 2002, Treasury discontinued 

the 30-year constant maturity yield. In lieu of the 30-year 

yield, Table MY-1 now includes a 20-year maturity. 

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15. 

Prior to January 2003, this section also included data on 

long-term Treasury, corporate and municipal yields (Table 

MY-2). Effective January 2003, Table MY-2 and Chart MYB were discontinued because Treasury no longer issues 

long-term bonds and no longer calculates or estimates longterm corporate rates. 

Chart MY-A, which previously was published in this 

section, has been discontinued. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr. 

(4) 

2-yr. 

(5) 

3-yr. 

(6) 

 5-yr. 

 (7) 

7-yr. 

(8) 

10-yr. 

(9) 

 20-yr. 

 (10) 

 

Monthly average: 

2004 - July ...................................... 1.19 1.36 1.70 2.10 2.64 3.05 3.69 4.11 4.50 5.24

Aug ..................................... 1.37 1.50 1.76 2.02 2.51 2.88 3.47 3.90 4.28 5.07

Sept .................................... 1.55 1.68 1.91 2.12 2.53 2.83 3.36 3.75 4.13 4.89

Oct ...................................... 1.63 1.79 2.05 2.23 2.58 2.85 3.35 3.75 4.10 4.85

Nov ..................................... 1.92 2.11 2.32 2.50 2.85 3.09 3.53 3.88 4.19 4.89

Dec ..................................... 1.96 2.22 2.50 2.67 3.01 3.21 3.60 3.93 4.23 4.88

2005 - Jan....................................... 2.05 2.37 2.68 2.86 3.22 3.39 3.71 3.97 4.22 4.77

Feb...................................... 2.36 2.58 2.85 3.03 3.38 3.54 3.77 3.97 4.17 4.61

Mar...................................... 2.65 2.80 3.09 3.30 3.73 3.91 4.17 4.33 4.50 4.89

Apr ...................................... 2.64 2.84 3.14 3.32 3.65 3.79 4.00 4.16 4.34 4.75 

May ..................................... 2.65 2.90 3.17 3.33 3.64 3.72 3.85 3.94 4.14 4.56 

June.................................... 2.83 3.04 3.22 3.36 3.64 3.69 3.77 3.86 4.00 4.35 

 

End of month: 

2004 - July ...................................... 1.27 1.45 1.77 2.13 2.68 3.09 3.71 4.13 4.50 5.24

Aug ..................................... 1.45 1.59 1.79 1.99 2.41 2.75 3.33 3.76 4.13 4.93

Sept .................................... 1.47 1.71 2.00 2.21 2.63 2.89 3.38 3.79 4.14 4.89

Oct ...................................... 1.73 1.91 2.13 2.28 2.56 2.82 3.30 3.70 4.05 4.79

Nov ..................................... 2.07 2.23 2.44 2.63 3.02 3.29 3.72 4.07 4.36 5.03

Dec ..................................... 1.89 2.22 2.59 2.75 3.08 3.25 3.63 3.94 4.24 4.85

2005 - Jan....................................... 2.06 2.51 2.79 2.96 3.29 3.43 3.71 3.92 4.14 4.64 

Feb...................................... 2.51 2.76 3.01 3.20 3.59 3.75 4.00 4.18 4.36 4.79 

Mar...................................... 2.63 2.79 3.13 3.35 3.80 3.96 4.18 4.33 4.50 4.88 

Apr ...................................... 2.70 2.90 3.17 3.33 3.66 3.73 3.90 4.03 4.21 4.61 

May ..................................... 2.80 2.99 3.18 3.32 3.60 3.65 3.76 3.86 4.00 4.40 

June.................................... 2.99 3.13 3.34 3.45 3.66 3.67 3.72 3.80 3.94 4.28 

 

* Rates are from the Treasury yields curve. 
September 2005 

52 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, June 30, 2005 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $904,155,948,126 $868,115,816,268 $867,611,541,861 $255,672,566 $248,601,841

Less amounts held by: 

The Treasury....................................... 246,956,268 24,949,724 24,758,860 7,505 183,359

FRBs ................................................... 139,280,783,663 138,650,421,779 138,650,416,148 - 5,631

Amounts in circulation............................. $764,628,208,195 $729,440,444,765 $728,936,366,853 $255,665,061 $248,412,851

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $36,040,131,858 $3,505,529,008 $32,534,602,850 

Less amounts held by: 

The Treasury....................................... 222,006,544 186,132,544 35,874,000 

FRBs ................................................... 630,361,884 94,252,595 536,109,289 

Amounts in circulation............................. $35,187,763,430 $3,225,143,869 $31,962,619,561 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

September 2005 

53

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2005 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ...................................................................... $8,397,526,319 $8,252,965,986 $143,503 $144,416,830 

$2 ...................................................................... 1,428,842,156 1,296,590,962 132,238,618 12,576 

$5 ...................................................................... 9,715,702,340 9,578,010,665 109,266,110 28,425,565 

$10 .................................................................... 14,810,410,070 14,788,984,360 6,300 21,419,410 

$20 .................................................................... 110,116,823,780 110,096,716,880 3,840 20,103,060 

$50 .................................................................... 60,189,902,300 60,178,405,000 500 11,496,800 

$100 .................................................................. 524,467,735,200 524,431,753,000 13,995,600 21,986,600 

$500 .................................................................. 142,500,000 142,306,000 5,500 188,500 

$1,000 ............................................................... 165,777,000 165,564,000 5,000 208,000 

$5,000 ............................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ............................................................. 3,460,000 3,360,000 - 100,000 

Fractional notes 4 .............................................. 600 - 90 510 

Total currency ............................................... $729,440,444,765 $728,936,366,853 $255,665,061 $248,412,851 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

June 30, 2005 ........................................................................................... 764,628 $2,579

May 31, 2005 ............................................................................................ 761,357 2,570

April 30, 2005 ............................................................................................ 752,772 2,543

Sept. 30, 2000........................................................................................... 568,614 2,061

Sept. 30, 1995........................................................................................... 409,272 1,553

Sept. 30, 1990........................................................................................... 278,903 1,105

Sept. 30, 1985........................................................................................... 187,337 782

Sept. 30, 1980........................................................................................... 129,916 581

June 30, 1975 ........................................................................................... 81,196 380

June 30, 1970 ........................................................................................... 54,351 265

June 30, 1965 ........................................................................................... 39,719 204

June 30, 1960 ........................................................................................... 32,064 177

June 30, 1955 ........................................................................................... 30,229 183

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

 5 Based on Bureau of the Census estimates of population. 
InternationalFinancialStatistics

CapitalMovements

ForeignCurrencyPositions

ExchangeStabilizationFund
September 2005 

57

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary 

Fund 1, 5

(5) 

 

2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824 

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

 

2004 - July.......................................................................... 81,375 11,044 12,586 38,352 19,393 

Aug ......................................................................... 82,602 11,043 12,710 39,037 19,812 

Sept........................................................................ 82,578 11,043 12,782 39,310 19,443 

Oct.......................................................................... 84,232 11,043 13,041 40,618 19,530 

Nov......................................................................... 86,702 11,043 13,478 42,102 20,079 

Dec ......................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 - Jan .......................................................................... 81,366 11,042 13,342 41,735 15,247 

Feb ......................................................................... 80,168 11,042 11,727 42,063 15,336 

Mar ......................................................................... 78,942 11,041 11,564 41,061 15,276 

Apr.......................................................................... 79,525 11,041 11,610 41,452 15,422 

May ........................................................................ 77,742 11,041 11,385 39,910 15,406 

June ....................................................................... 76,594 11,041 11,243 39,036 15,274 

July......................................................................... 74,620 11,041 11,206 38,935 13,438 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to total due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

September 2005 

58 

TABLE IFS-2.—Selected U.S. Liabilities to Foreigners 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077 

Series Break........... 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482 

2000 ....................... 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873 

2001 ....................... 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559 

2002 - June 8 ......... 2,997,081 953,532 328,090 451,163 3,000 171,279 1,299,551 696,788 296,705 400,083 47,210 

Series Break .......... 3,006,298 1,042,606 328,090 559,599 3,000 151,917 1,299,551 642,450 296,705 345,745 21,691 

2002 ....................... 3,238,149 1,077,938 335,090 569,891 2,769 170,188 1,382,628 750,890 325,764 425,126 26,693 

2003 - June 8 .......... 3,597,378 1,177,090 379,114 610,122 2,876 184,978 1,431,589 961,169 452,617 508,552 27,530 

Series Break r ........ 3,604,050 1,233,387 379,114 650,336 2,876 201,061 1,431,589 911,397 452,617 458,780 27,677 

2003 r ..................... 3,863,633 1,340,623 401,856 719,302 2,613 216,852 1,439,484 1,057,445 518,962 538,483 26,081 

2004 - June 8 r........ 4,469,893 1,559,811 483,415 844,444 1,568 230,384 1,559,518 1,326,933 666,476 660,457 23,631 

Series Break r ........ 4,443,613 1,648,168 483,415 910,456 1,569 252,728 1,559,518 1,205,604 666,476 539,128 30,323 

 

2004 - July r ........... 4,522,299 1,668,321 494,293 916,391 1,579 256,058 1,615,006 1,210,634 664,420 546,214 28,338 

Aug. r .......... 4,571,151 1,680,446 487,218 931,906 1,589 259,733 1,616,080 1,246,723 703,315 543,408 27,902 

Sept. r ......... 4,567,520 1,706,807 499,015 942,780 1,599 263,413 1,563,568 1,269,850 719,513 550,337 27,295 

Oct. r ........... 4,669,851 1,738,714 515,304 958,429 1,609 263,372 1,615,128 1,285,877 732,455 553,422 30,132 

Nov. r .......... 4,747,549 1,752,704 502,857 979,478 1,619 268,750 1,627,543 1,338,893 773,122 565,771 28,409 

Dec. r.......... 4,734,756 1,775,096 515,602 986,454 1,630 271,410 1,571,205 1,360,617 793,294 567,323 27,838 

2005 - Jan. r........... 4,691,375 1,786,249 511,660 994,084 1,640 278,865 1,534,272 1,340,091 750,124 589,967 30,763 

Feb. r .......... 4,785,312 1,776,695 483,494 1,005,357 1,650 286,194 1,561,819 1,414,276 792,761 621,515 32,522 

Mar ............. 4,787,436 1,769,208 490,405 990,374 1,661 286,768 1,532,533 1,456,551 792,325 664,226 29,144 

Apr .............. 4,886,471 1,807,439 516,458 1,004,281 1,671 285,029 1,576,282 1,474,718 800,466 674,252 28,032 

May p.......... 4,962,526 1,813,798 509,553 1,011,086 1,682 291,477 1,607,978 1,510,556 815,486 695,070 30,194 

June p......... 4,993,989 1,813,565 493,395 1,022,309 911 296,950 1,695,498 1,453,780 762,719 691,061 31,146 

 

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, end-June 2003, and end-June 2004, respectively, 

and are comparable to those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

September 2005 

59

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

2000 .............................................................................. 5,348 5,348 1,244 3,520 584 

2001 .............................................................................. 3,411 3,411 977 1,801 633 

2002 .............................................................................. 2,769 2,769 715 1,368 686 

2003 .............................................................................. 2,613 2,613 768 1,102 743 

 

2004 - June ................................................................... 1,569 1,569 796 - 773 

July .................................................................... 1,579 1,579 801 - 778 

Aug .................................................................... 1,589 1,589 806 - 783 

Sept................................................................... 1,599 1,599 810 - 789 

Oct..................................................................... 1,609 1,609 815 - 794 

Nov .................................................................... 1,619 1,619 820 - 799 

Dec .................................................................... 1,630 1,630 825 - 805 

2005 - Jan ..................................................................... 1,640 1,640 830 - 810 

Feb .................................................................... 1,650 1,650 835 - 815 

Mar .................................................................... 1,661 1,661 840 - 821 

Apr..................................................................... 1,671 1,671 845 - 826 

May.................................................................... 1,682 1,682 850 - 832 

June................................................................... 911 911 74 - 837 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

September 2005 

60 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly, quarterly, and semiannual reports are 

filed with district Federal Reserve banks by commercial 

banks, securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data and to 

some sensitive data aggregates is strictly limited to specific 

staff of Treasury and the Federal Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the cooperation 

of other Government agencies and the Federal Reserve 

System and in consultation with representatives of banks, 

securities firms, and nonbanking enterprises. The most recent 

revisions to selected reporting forms and instructions were 

effective February 28, 2003. The major changes are outlined 

under “Description of statistics” below. Copies of the 

reporting forms and instructions may be obtained from the 

Office of Program Services, Office of the Assistant Secretary 

for International Affairs, Treasury, Washington, D.C. 20220; 

the International Finance Division, Board of Governors of the 

Federal Reserve System, Washington, D.C. 20551; or district 

FRBs. Reporting forms and instructions also may be 

downloaded from the TIC website. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. The only exception is 

information pertaining to the Bank for International 

Settlements, which is reported opposite “Other Europe.” For 

purposes of publication only, information on the European 

Central Bank also is included in “Other Europe.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. Notices of these changes and requests for public 

comments on them were published in the Federal Register

last year and some modifications were made in response to 

the comments received. A detailed outline of the changes 

affecting each form may be accessed on the TIC website. 
CAPITAL MOVEMENTS 

September 2005 

61

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to, and dollar claims on foreigners in a number of 

countries. Twice a year, June 30 and December 31, they also 

report the same liabilities and claims items attributed to 

foreigners in countries not shown separately on the monthly 

reports. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

Quarterly reports are filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with foreigners. Except as 

noted below under “Description of statistics,” the reportable 

liabilities and claims positions are with unaffiliated 

foreigners. Separate reports are filed for financial balances 

and for commercial balances. Effective for reports filed as of 

March 31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in five sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

their domestic nonbank and non-securities firm affiliates, 

other than their insurance affiliates, which report separately 

on the C-series forms. Data on respondents’ own dollar 

claims are collected monthly on Form BC. Information on 

claims held for domestic customers as well as on claims 

denominated in foreign currencies is collected on a quarterly 

basis only on Forms BQ-1 and BQ-2, respectively. Effective 

with reports filed as of February 28, 2003, reporting 

coverage was expanded as outlined in Section I. 

Additionally, columns were added for separate reporting of 

negotiable CDs and other short-term negotiable instruments 

issued by foreigners. Further, the foreigner category, 

“foreign official institutions,” replaced the former, broader 

category, “foreign public borrowers,” for consistency with 

the liabilities reporting on this sector. 

• Section III contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed 

separately on the monthly reports submitted by banks, other 

depository institutions, and securities brokers and dealers in 

the United States. The supplementary reports are filed 

semiannually as of the end of June and December. 

• Section IV shows the liabilities to, and claims on, 

unaffiliated foreigners of exporters, importers, industrial and 

commercial concerns, financial institutions (other than 
CAPITAL MOVEMENTS 

September 2005 

62 

banks, other depository institutions, and securities brokers 

and dealers), and other nonbanking enterprises in the United 

States. Data exclude claims on foreigners held by banks in 

the United States. 

Historically, the information does not include any 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. These are reported by business 

enterprises to Commerce on its direct investment forms. 

However, effective with reports filed as of March 31, 2003, 

a number of changes were introduced in the coverage and 

reporting formats of nonbanking forms. A major revision is 

the addition of Section B to Form CQ-1 to capture foreign 

affiliate positions (including those with affiliates of the 

respondent’s parent) of insurance underwriting subsidiaries 

and financial intermediaries. Insurance underwriting 

subsidiaries of BHCs/FHCs now include positions vis-à-vis 

all foreign-resident affiliates. From end-March 2003 

forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries. 

• Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, securities brokers and dealers, and other 

entities in the United States. The data cover transactions 

executed in the United States for the accounts of foreigners 

and transactions executed abroad for the accounts of 

reporting institutions and their domestic customers. This 

includes transactions in newly-issued securities as well as 

transactions in, and redemptions of, outstanding issues. 

However, the data do not include nonmarketable Treasury 

bonds and notes shown in table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

September 2005 

63

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

Table CM-I-1.—Total Liabilities by Type and Holder 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2004 2005 

Type of Liability 

 Calendar 

 Year 

 2003 Dec. r Jan. r Feb. r Mar. Apr. May June p 

Total liabilities to all foreigners............................... 2,382,470 2,896,615 2,815,028 2,859,121 2,832,871 2,908,945 2,950,966 2,969,808 

Payable in dollars............................................... 2,315,606 2,804,848 2,723,261 2,767,354 2,743,936 2,820,010 2,862,031 2,880,873 

Foreign official institutions 1 ........................... 401,856 515,602 511,660 483,494 490,405 516,458 509,553 493,395 

Deposits, excluding negotiable CDs.......... 24,208 26,633 30,776 28,859 32,310 33,272 36,636 39,132 

U.S. Treasury bills and certificates ............ 212,032 245,197 242,553 235,530 235,843 230,105 228,961 205,170 

Other liabilities............................................ 165,616 243,772 238,331 219,105 222,252 253,081 243,956 249,093 

Foreign banks (including own foreign 

 offices) and other foreigners ........................ 1,899,601 2,275,931 2,195,828 2,266,012 2,238,034 2,289,924 2,336,640 2,371,393 

Deposits, excluding negotiable CDs.......... 822,461 901,173 891,846 899,541 846,845 890,937 907,213 948,621 

U.S. Treasury bills and certificates ............ 46,655 71,667 67,500 69,678 73,308 77,334 77,460 65,100 

Other liabilities............................................ 1,030,485 1,303,091 1,236,482 1,296,793 1,317,881 1,321,653 1,351,967 1,357,672 

International and regional organizations 2 ..... 14,149 13,315 15,773 17,848 15,497 13,628 15,838 16,085 

Deposits, excluding negotiable CDs.......... 6,134 6,098 5,124 5,593 5,343 4,910 4,608 5,359 

U.S. Treasury bills and certificates ............ 110 1,339 1,107 1,116 586 843 924 2,204 

Other liabilities............................................ 7,905 5,878 9,542 11,139 9,568 7,875 10,306 8,522 

Payable in foreign currencies 3 .......................... 66,864 91,767 91,767 91,767 88,935 88,935 88,935 88,935 

Sector: 

Banks and other foreigners........................ 58,845 88,568 88,568 88,568 86,824 86,824 86,824 86,824 

International and regional organizations 2 ...... 8,019 3,199 3,199 3,199 2,111 2,111 2,111 2,111 

Major currencies: 

Canadian dollars ........................................ 4,780 6,618 6,618 6,618 6,853 6,853 6,853 6,853 

Euro............................................................ 33,477 37,364 37,364 37,364 39,548 39,548 39,548 39,548 

United Kingdom pounds sterling................ 4,606 7,096 7,096 7,096 8,476 8,476 8,476 8,476 

Japanese yen............................................. 16,191 23,571 23,571 23,571 17,435 17,435 17,435 17,435 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars........................................................... 1,677,193 1,993,035 1,924,170 1,962,358 1,927,916 1,983,378 2,016,591 2,092,513 

Liabilities to own foreign offices..................... 1,125,352 1,260,708 1,225,984 1,244,081 1,230,701 1,259,722 1,277,419 1,364,792 

Liabilities collaterized by repurchase 

 agreements ............................................. 460,191 647,140 575,183 598,852 605,436 608,558 610,057 625,328 

Foreign official institutions 1 ................... 82,927 109,506 112,544 101,166 105,677 122,019 105,474 111,418 

Foreign banks and other foreigners....... 372,524 536,097 459,894 493,348 497,310 484,474 500,600 511,498 

International and regional organizations 2..... 4,740 1,537 2,745 4,338 2,449 2,065 3,983 2,412 

Reported by IBFs ........................................... 367,196 369,576 369,724 402,270 336,030 348,927 371,134 408,982 

Respondents’ own liabilities payable in 

 foreign currencies 3 ...................................... 63,119 83,759 83,759 83,759 80,146 80,146 80,146 80,146 

Reported by IBFs ........................................... 36,928 36,689 36,689 36,689 33,023 33,023 33,023 33,023 

Liabilities held in custody for domestic 

 customers..................................................... 642,158 819,821 807,099 813,004 824,809 845,421 854,229 797,149

Payable in dollars....................................... 638,413 811,813 799,091 804,996 816,020 836,632 845,440 788,360 

Payable in foreign currencies 3 .................. 3,745 8,008 8,008 8,008 8,789 8,789 8,789 8,789 

 

1

 Includes Bank for International Settlements. 

2

 Principally the International Bank for Reconstruction and Development (World Bank) 

and the Inter-American Development Bank. 

3

 Data may be as of preceding quarter-end for most recent month shown in table. 
CAPITAL MOVEMENTS 

September 2005 

64 

TABLE CM-I-2.—Total Liabilities by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 

Country 2002 2003 2004 r Feb. r Mar. Apr. May June p 

Europe: 

Austria ............................................... 2,862 4,841 4,261 4,103 5,273 5,489 4,194 4,169

Belgium 1 ........................................... 9,641 9,642 13,649 13,586 15,690 14,049 14,080 15,938

Bulgaria ............................................. 219 224 221 113 120 107 156 143

Czech Republic................................. 531 2,359 1,661 1,480 1,576 1,216 1,278 1,343

Denmark............................................ 5,115 3,744 3,151 3,588 3,129 2,772 3,949 1,899

Finland............................................... 1,711 1,821 1,084 2,970 1,175 2,744 2,827 1,911

France ............................................... 44,098 41,727 59,147 66,627 57,555 59,672 60,853 49,500

Germany............................................ 42,235 53,617 58,263 59,674 69,994 69,691 62,053 61,677

Greece............................................... 2,996 1,266 1,179 1,541 1,418 2,342 2,256 1,794

Hungary............................................. 439 345 770 963 592 700 449 269

Ireland ............................................... 33,146 30,888 63,585 68,247 68,569 69,244 71,669 65,656

Italy.................................................... 6,098 6,643 7,683 8,412 8,442 8,428 8,954 8,332

Luxembourg 1 .................................... 32,943 37,005 52,255 56,320 54,365 57,928 58,559 52,524

Netherlands....................................... 11,419 17,150 19,693 24,857 26,587 28,354 25,812 19,834

Norway .............................................. 18,907 22,471 32,888 23,340 26,103 34,845 18,698 20,761

Poland ............................................... 4,205 3,724 5,680 6,561 7,387 7,742 6,273 6,496

Portugal............................................. 3,676 1,011 1,676 1,778 2,665 2,809 2,236 2,412

Romania............................................ 1,919 575 1,636 1,072 1,305 870 1,728 1,420

Russia 2 ............................................. 23,158 41,694 70,203 76,457 75,832 73,998 82,068 85,040

Serbia and Montenegro (formerly 

Yugoslavia) 3 ................................. 301 162 110 100 187 90 106 103

Spain ................................................. 14,499 10,329 9,076 10,779 7,593 9,594 9,107 10,175

Sweden ............................................. 4,697 7,377 6,143 5,209 5,681 6,000 2,034 4,038

Switzerland........................................ 133,546 111,678 100,637 120,896 84,277 91,992 102,178 107,190

Turkey ............................................... 12,132 13,749 5,189 3,706 4,899 3,688 4,578 6,813

United Kingdom................................. 203,237 345,235 448,112 467,895 476,748 504,731 492,246 508,140

Channel Islands and Isle of Man 4 .... 47,820 20,814 20,790 20,923 21,988 20,653 23,157 25,657

Other Europe..................................... 25,108 17,478 26,341 27,054 27,302 25,164 24,267 21,287

Total Europe.................................. 686,658 807,569 1,015,083 1,078,251 1,056,452 1,104,912 1,085,765 1,084,521

Canada.................................................. 32,221 37,780 35,184 36,693 35,397 36,516 40,335 33,968

Latin America: 

Argentina........................................... 10,938 9,880 10,927 9,441 9,536 9,336 9,928 9,741

Brazil ................................................. 11,332 17,839 16,911 22,590 26,167 22,251 21,602 20,336

Chile .................................................. 6,194 4,504 7,368 7,147 6,690 8,397 8,473 7,003

Colombia ........................................... 4,174 4,277 6,330 6,247 6,361 6,116 6,025 5,632

Ecuador............................................. 2,307 2,611 2,696 2,607 2,492 2,676 2,771 2,521

Guatemala......................................... 1,396 1,557 1,540 1,480 1,319 1,372 1,414 2,055

Mexico............................................... 37,374 36,952 51,924 39,378 42,020 40,196 39,700 42,937

Panama............................................. 3,903 4,125 4,634 4,795 5,026 4,433 4,899 4,662

Peru................................................... 1,366 1,406 1,972 1,560 1,887 2,575 3,371 3,047

Uruguay............................................. 2,822 3,688 4,189 3,936 3,981 4,109 4,466 4,957

Venezuela ......................................... 22,540 21,546 24,861 25,808 25,272 25,042 25,284 25,674

Other Latin America 5........................ 6,415 6,014 6,422 6,769 7,075 7,312 7,372 7,759

Total Latin America ....................... 110,761 114,399 139,774 131,758 137,826 133,815 135,305 136,324

Caribbean: 

Bahamas ........................................... 164,133 157,689 187,759 187,851 181,761 187,075 203,383 222,278

Bermuda............................................ 25,281 39,229 92,973 68,932 56,766 56,792 62,581 60,751

Cayman Islands 6 .............................. 639,443 745,754 878,097 850,121 865,563 859,048 879,316 914,430

Cuba.................................................. 91 96 110 111 113 114 113 113

Jamaica............................................. 840 720 922 869 937 908 911 909

Netherlands Antilles .......................... 5,011 8,739 5,867 4,519 5,885 5,565 5,398 4,755

Trinidad and Tobago......................... 1,420 1,259 1,630 1,791 1,960 2,059 2,004 2,024

Other Caribbean 5 ............................. 11,757 27,662 39,981 34,732 35,904 31,953 33,052 31,274

Total Caribbean............................. 847,976 981,148 1,207,339 1,148,926 1,148,889 1,143,514 1,186,758 1,236,534

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2005 

65

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2005 

Country 2002 2003 2004 r Feb. r Mar. Apr. May June p 

 

Asia: 

China: 

Mainland..................................... 15,483 13,236 52,762 36,487 36,036 67,331 71,189 59,019

Taiwan........................................ 18,708 26,835 26,516 27,482 23,825 24,583 23,625 22,100

Hong Kong ..................................... 33,365 49,974 43,835 39,959 39,122 42,238 44,527 43,410

India................................................ 7,968 14,535 11,173 14,334 14,521 14,561 13,404 12,963

Indonesia........................................ 14,123 14,374 5,905 5,708 2,876 3,685 3,418 2,474

Israel............................................... 7,505 12,231 11,234 12,492 11,003 9,262 8,355 7,791

Japan.............................................. 176,331 170,315 172,709 158,869 156,022 153,960 156,262 153,354

Korea.............................................. 8,978 12,659 12,457 14,487 20,179 19,474 18,331 15,724

Lebanon ......................................... 651 676 777 1,111 819 963 800 977

Malaysia ......................................... 1,221 1,640 2,837 3,230 4,091 3,056 3,923 3,590

Pakistan.......................................... 2,093 2,963 1,196 970 1,037 1,002 1,056 1,379

Philippines...................................... 1,813 1,690 2,956 2,521 2,438 2,308 2,235 2,481

Singapore....................................... 17,676 23,766 28,912 16,945 16,735 18,182 18,453 19,073

Syria ............................................... 35 22 21 21 22 20 20 19

Thailand.......................................... 7,607 7,232 11,356 12,151 11,183 10,972 13,987 10,317

Oil-exporting countries 7................. 18,893 24,787 41,253 43,994 39,578 41,012 43,102 42,060

Other Asia ...................................... 6,819 7,656 6,841 6,988 6,494 6,807 6,884 6,777

Total Asia ................................... 339,269 384,591 432,740 397,749 385,981 419,416 429,571 403,508

Africa: 

Congo (formerly Zaire)................... 2 18 4 49 10 8 8 6

Egypt .............................................. 2,655 2,336 2,711 4,156 4,181 3,953 3,725 3,498

Ghana............................................. 312 596 468 379 430 405 381 407

Liberia............................................. 141 181 243 263 250 338 330 398

Morocco.......................................... 306 376 156 124 172 223 151 133

South Africa.................................... 1,118 3,734 3,304 3,125 3,401 3,541 3,829 3,585

Oil-exporting countries 8................. 4,466 3,608 4,347 5,438 5,288 6,034 6,710 7,135

Other Africa .................................... 3,361 3,113 3,369 3,108 3,015 2,981 3,075 3,205

Total Africa ................................. 12,361 13,962 14,602 16,642 16,747 17,483 18,209 18,367

Other countries: 

Australia ......................................... 12,055 14,087 23,141 16,823 21,928 24,004 23,735 26,383

New Zealand 9................................ 1,918 2,592 3,725 2,714 2,866 4,316 3,749 2,741

All other .......................................... 263 4,174 8,513 8,518 9,177 9,230 9,590 9,266

Total other countries .................. 14,236 20,853 35,379 28,055 33,971 37,550 37,074 38,390

Total foreign countries ........... 2,043,482 2,360,302 2,880,101 2,838,074 2,815,263 2,893,206 2,933,017 2,951,612

International and regional 

 organizations: 

International ................................... 20,464 18,437 13,917 18,345 15,245 13,149 15,359 14,580

European regional.......................... 1,511 449 568 520 457 412 444 400

Latin American regional ................. 507 502 536 677 407 581 434 1,848

Caribbean regional 10 ..................... 67 63 113 96 73 66 73 24

Asian regional ................................ 85 2,221 300 319 402 366 473 413

African regional .............................. 15 496 989 977 873 938 943 804

Middle Eastern regional ................. - - 91 113 151 227 223 127

Total international 

 and regional ............................ 22,649 22,168 16,514 21,047 17,608 15,739 17,949 18,196

Grand total ............................. 2,066,131 2,382,470 2,896,615 2,859,121 2,832,871 2,908,945 2,950,966 2,969,808

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

September 2005 

66 

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2005, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 

Payable 

 in 

 dollars 

 (2) 

 Payable 

 in 

 foreign 

 curren- 

 cies 1

 (3) 

Own 

 liabilities

 (4) 

 Custody 

 liabilities 

 (5) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (6) 

 Short- 

 term 

 U.S. 

 Treasury 

obligations 3

(7) 

 Other 

 liabilities 

 (8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

 Other 

 liabilities

 (11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable

CDs 

held for 

all foreigners 

(13) 

Europe: 

Austria..................................... 4,169 4,104 65 1,458 2,646 410 115 3,186 222 76 95 5 2,033

Belgium 4 ................................. 15,938 15,875 63 10,780 5,095 3,522 2,082 6,828 366 137 2,940 1,032 2,691

Bulgaria................................... 143 143 - 143 - 109 - 21 13 - - 1 -

Czech Republic....................... 1,343 1,328 15 317 1,011 254 910 129 34 - 1 34 1

Denmark.................................. 1,899 1,877 22 1,383 494 130 327 1,209 191 17 3 - 100

Finland .................................... 1,911 1,766 145 1,416 350 1,129 87 396 41 3 110 1,088 101

France..................................... 49,500 49,074 426 40,248 8,826 9,364 4,686 15,074 1,208 677 18,065 14,531 408

Germany ................................. 61,677 52,123 9,554 45,015 7,108 15,412 2,072 28,849 2,183 700 2,907 27,687 2,492

Greece .................................... 1,794 1,424 370 1,305 119 690 - 50 571 6 107 214 57

Hungary................................... 269 253 16 204 49 71 48 90 43 1 - 9 -

Ireland ..................................... 65,656 65,505 151 11,673 53,832 2,126 284 2,106 3,115 6,021 51,853 349 10,987

Italy.......................................... 8,332 7,900 432 5,121 2,779 2,246 2,008 2,814 688 11 133 1,407 711

Luxembourg 4.......................... 52,524 51,423 1,101 24,792 26,631 4,707 2,820 5,856 361 944 36,735 19,019 3,744

Netherlands............................. 19,834 17,462 2,372 9,801 7,661 1,958 936 1,068 1,044 776 11,680 6,670 1,044

Norway.................................... 20,761 20,734 27 18,816 1,918 154 200 20,023 121 7 229 134 560

Poland..................................... 6,496 6,428 68 1,029 5,399 135 3,775 2,436 64 - 18 23 1

Portugal................................... 2,412 2,093 319 1,386 707 1,079 370 117 189 4 334 128 13

Romania.................................. 1,420 1,412 8 292 1,120 58 100 1,215 39 - - 27 -

Russia 5 ................................... 85,040 85,022 18 21,908 63,114 3,279 - 81,345 393 3 2 44 2

Serbia and Montenegro 

 (formerly Yugoslavia) 6......... 103 103 - 103 - 23 - 56 20 - 4 - -

Spain....................................... 10,175 9,359 816 7,530 1,829 2,844 369 4,687 1,239 80 140 1,699 1,037

Sweden ................................... 4,038 3,948 90 1,621 2,327 226 315 2,036 170 16 1,185 173 1,932

Switzerland.............................. 107,190 105,915 1,275 98,417 7,498 88,490 2,857 7,083 3,865 2,415 1,205 89,716 368

Turkey ..................................... 6,813 6,787 26 1,548 5,239 819 5,172 635 97 7 57 186 11

United Kingdom....................... 508,140 477,591 30,549 461,958 15,633 111,850 470 180,175 10,619 3,801 170,676 331,476 2,265

Channel Islands and Isle 

 of Man 7 ................................. 25,657 25,587 70 24,034 1,553 21,094 91 286 284 268 3,564 20,590 42

Other Europe ............................. 21,287 21,228 59 12,356 8,872 6,427 7,416 6,071 765 93 456 138 18

Total Europe.......................... 1,084,521 1,036,464 48,057 804,654 231,810 278,606 37,510 373,841 27,945 16,063 302,499 516,380 30,618

Canada........................................... 33,968 31,357 2,611 22,578 8,779 3,288 3,500 12,758 3,605 872 7,334 8,374 1,191

Latin America: 

Argentina.................................... 9,741 9,626 115 8,782 844 302 - 414 8,034 358 518 237 202

Brazil .......................................... 20,336 17,811 2,525 16,520 1,291 8,182 56 4,174 4,252 126 1,021 2,762 134

Chile ........................................... 7,003 6,924 79 5,321 1,603 1,820 200 1,279 3,081 148 396 626 91

Colombia.................................... 5,632 5,575 57 3,191 2,384 277 136 1,126 2,525 277 1,234 47 82

Ecuador...................................... 2,521 2,499 22 2,409 90 375 - 419 1,610 1 94 146 28

Guatemala ................................. 2,055 2,044 11 1,373 671 191 298 626 877 12 40 28 208

Mexico........................................ 42,937 41,611 1,326 26,303 15,308 6,904 5,217 7,766 16,941 852 3,931 594 506

Panama...................................... 4,662 4,611 51 3,811 800 1,258 6 538 2,058 304 447 840 115

Peru............................................ 3,047 2,956 91 2,904 52 1,327 3 511 1,069 2 44 49 26

Uruguay ..................................... 4,957 4,927 30 3,980 947 679 396 1,481 1,913 178 280 1,315 88

Venezuela.................................. 25,674 25,386 288 23,650 1,736 10,516 13 1,031 12,014 147 1,665 291 184

Other Latin America .................. 7,759 7,684 75 6,398 1,286 2,449 168 1,650 3,103 34 280 104 638

Total Latin America............... 136,324 131,654 4,670 104,642 27,012 34,280 6,493 21,015 57,477 2,439 9,950 7,039 2,302

Caribbean: 

Bahamas.................................... 222,278 219,716 2,562 216,504 3,212 162,302 160 39,021 5,272 653 12,308 186,941 323

Bermuda .................................... 60,751 60,317 434 40,552 19,765 1,169 358 3,839 4,140 2,654 48,157 11,705 1,734

Cayman Islands 8 ...................... 914,430 905,869 8,561 688,631 217,238 293,674 85 425,283 19,597 7,069 160,161 575,387 1,504

Cuba........................................... 113 113 - 113 - 13 - 4 86 - 10 - -

Jamaica...................................... 909 790 119 753 37 328 9 251 172 19 11 35 5

Netherlands Antilles .................. 4,755 4,745 10 3,313 1,432 1,358 1,116 838 698 27 708 704 90

Trinidad and Tobago................. 2,024 2,017 7 1,823 194 1,236 - 236 367 41 137 250 24

Other Caribbean........................ 31,274 31,038 236 19,316 11,722 4,003 562 860 8,446 3,452 13,715 200 2,754

Total Caribbean .................. 1,236,534 1,224,605 11,929 971,005 253,600 464,083 2,290 470,332 38,778 13,915 235,207 775,222 6,434

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2005 

67

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2005, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks 

To all other 

 foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 

Payable 

 in 

 dollars 

 (2) 

Payable 

in 

foreign 

currencies 1

(3) 

Own 

liabilities

(4) 

Custody 

liabilities 

(5) 

Nonnegotiable 

deposits 

 and 

brokerage 

balances 2

(6) 

Shortterm 

U.S. 

Treasury 

obligations 3

(7) 

Other 

liabilities

(8) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

Other 

liabilities 

(11) 

Liabilities

to own 

foreign 

offices 

(12) 

Negotiable 

CDs 

held for 

all foreigners 

(13) 

Asia: 

China: 

Mainland ...................... 59,019 59,019 - 14,942 44,077 2,099 20,827 32,815 902 36 2,340 1,903 876

Taiwan ......................... 22,100 22,071 29 19,622 2,449 3,978 1,570 11,718 4,025 179 601 1,484 333

Hong Kong....................... 43,410 42,078 1,332 15,531 26,547 7,642 17,029 10,586 3,046 309 3,466 3,937 539

India.................................. 12,963 12,963 - 2,229 10,734 755 7,617 3,362 753 4 472 478 8

Indonesia ......................... 2,474 2,462 12 1,352 1,110 642 995 277 524 19 5 314 8

Israel................................. 7,791 7,779 12 4,017 3,762 714 2,289 1,793 1,602 452 929 753 110

Japan ............................... 153,354 148,795 4,559 44,745 104,050 16,808 94,190 27,345 4,254 1,403 4,795 30,313 299

Korea................................ 15,724 15,672 52 4,399 11,273 1,779 4,923 8,192 485 42 251 1,619 449

Lebanon........................... 977 970 7 964 6 413 - 444 108 2 3 5 3

Malaysia........................... 3,590 3,589 1 2,433 1,156 581 881 1,776 130 6 215 203 6

Pakistan ........................... 1,379 1,369 10 1,170 199 467 48 729 78 1 46 265 4

Philippines........................ 2,481 2,475 6 1,729 746 881 369 377 527 53 268 158 30

Singapore......................... 19,073 17,539 1,534 13,079 4,460 7,219 1,021 4,924 782 794 2,799 8,359 212

Syria ................................. 19 19 - 19 - 1 - - 18 - - - -

Thailand ........................... 10,317 10,316 1 6,445 3,871 230 3,696 5,897 367 60 66 86 5

Other Asia........................ 48,837 46,154 2,683 18,172 27,982 7,128 20,275 14,285 1,312 241 2,913 5,124 2,842

Total Asia..................... 403,508 393,270 10,238 150,848 242,422 51,337 175,730 124,520 18,913 3,601 19,169 55,001 5,724

Africa: 

Congo (formerly Zaire).... 6 6 - 6 - 4 - - 2 - - 2 -

Egypt ................................ 3,498 3,497 1 1,827 1,670 782 1,597 723 330 - 65 140 40

Ghana .............................. 407 407 - 208 199 33 199 142 32 - 1 - -

Liberia............................... 398 397 1 183 214 2 - 22 159 55 159 1 40

Morocco ........................... 133 133 - 88 45 40 - 25 25 1 42 1 -

South Africa ..................... 3,585 3,483 102 3,065 418 375 327 1,998 230 1 552 2,030 39

Other Africa...................... 10,340 10,314 26 5,120 5,194 2,426 4,466 2,478 683 119 142 297 331

Total Africa .................. 18,367 18,237 130 10,497 7,740 3,662 6,589 5,388 1,461 176 961 2,471 450

Other countries: 

Australia ........................... 26,383 26,222 161 16,226 9,996 3,234 152 21,259 480 391 706 254 73

New Zealand ................... 2,741 2,502 239 1,451 1,051 198 371 1,424 128 118 263 23 13

All other............................ 9,266 477 8,789 381 96 71 8 130 207 52 9 28 1

Total other countries ... 38,390 29,201 9,189 18,058 11,143 3,503 531 22,813 815 561 978 305 87

Total foreign 

countries.............. 2,951,612 2,864,788 86,824 2,082,282 782,506 838,759 232,643 1,030,667 148,994 37,627 576,098 1,364,792 46,806

International and 

 regional orgs.: 

International..................... 14,580 12,568 2,012 9,407 3,161 - - - 4,742 1,904 5,922 - 747

European regional........... 400 400 - 374 26 - - - 364 7 29 - -

Latin American regional.... 1,848 1,749 99 254 1,495 - - - 173 189 1,387 - 634

Caribbean regional.......... 24 24 - 24 - - - - 4 - 20 - -

Asian regional.................. 413 413 - 96 317 - - - 12 - 401 - 1

African regional................ 804 804 - 76 728 - - - 64 49 691 - -

Middle Eastern regional.... 127 127 - - 127 - - - - 55 72 - 56

Total international 

and regional ............ 18,196 16,085 2,111 10,231 5,854 - - - 5,359 2,204 8,522 - 1,438

Grand total...............2,969,808 2,880,873 88,935 2,092,513 788,360 838,759 232,643 1,030,667 154,353 39,831 584,620 1,364,792 48,244

 

 1

 These data as of March 31, 2005. 

2

 Excludes negotiable time certificates of deposit, which are included in “Other 

Liabilities.” 

3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4

 Before January 2001, combined data reported for Belgium-Luxembourg. 

5

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

6

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other 

entities of the former Yugoslavia recognized as independent states by the United States are 

reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and 

Herzegovina, Croatia and Slovenia; and since June 1994 for the former Yugoslav Republic of 

Macedonia. 

7 Before January 2001, data included in United Kingdom. 

8

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
CAPITAL MOVEMENTS 

September 2005 

68 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2001 2002 2003 2004 June 2005 

 

United Kingdom............................. 222,032 203,237 345,235 448,112 508,140

All other Europe ............................ 334,586 483,421 462,334 566,971 576,381

Caribbean banking centers 1,2....... 641,952 837,771 955,536 1,169,330 1,206,876

Japan............................................. 173,640 176,331 170,315 172,709 153,354

All other Asia ................................. 140,329 162,938 214,276 260,031 250,154

Subtotal ....................................... 1,512,539 1,863,698 2,147,696 2,617,153 2,694,905

All other countries ......................... 197,241 202,433 234,774 279,462 274,903

Grand total................................... 1,709,780 2,066,131 2,382,470 2,896,615 2,969,808

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

U.S. banking liabilities to 

foreigners, excluding long-term 

securities, were recorded at just 

under $3.0 trillion in June 2005, 

a slight increase from the $2.9 

trillion recorded for yearend 

2004. U.S. banking liabilities 

increased about $514 billion in 

2004 and about $316 billion in 

2003. Much of the increase in 

liabilities to foreigners in 2003 

reflects changes to the reporting 

scope of the TIC reporting 

system effective February 2003. 

Between March and December 

of 2003, when data were 

reported on a consistent basis, 

banking liabilities increased 

about $136 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more than 

half of U.S. banking liabilities 

is currently recorded against the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers have recorded 

most of the growth in banking 

liabilities in recent years. 

Foreigners domiciled in the rest 

of Europe and in Asia account 

for about one-third of U.S. 

banking liabilities. 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

2001 2002 2003 2004 June 2005

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
 CAPITAL MOVEMENTS 

September 2005 

69

SECTION II.—Claims on Foreigners Reported by Banks in the United States 

Table CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2004 2005 

Type of Claim 

 Calendar 

 Year 

 2003 Mar. June r Sept. r Dec. Mar. p 

Total claims.............................................................. 1,706,438 1,936,539 1,975,396 2,014,319 2,135,494 2,082,772 

Payable in dollars.................................................. 1,603,404 1,828,403 1,849,608 1,888,142 1,980,261 1,942,582 

Own claims on foreigners................................... 1,322,363 1,514,991 1,528,842 1,590,795 1,668,476 1,609,821 

Foreign official institutions............................... 53,328 70,251 73,170 65,012 71,906 69,183 

Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 979,597 1,125,072 1,128,212 1,172,258 1,192,150 1,144,220 

All other foreigners .......................................... 289,438 319,668 327,460 353,525 404,420 396,418 

Claims of domestic customers.............................. 281,041 313,412 320,766 297,347 311,785 332,761 

Payable in foreign currencies .................................. 103,034 108,136 125,788 126,177 155,233 140,190 

Own claims on foreigners ..................................... 81,669 87,264 104,278 100,247 123,528 108,160 

of which: 

Canadian dollars.............................................. 12,716 12,929 14,240 14,703 15,335 12,613 

Euros................................................................ 39,661 41,372 43,587 46,507 56,232 57,834 

United Kingdom pounds sterling...................... 6,882 8,580 10,947 7,804 10,769 11,666 

Japanese yen................................................... 16,610 18,403 29,429 22,621 34,198 18,566 

Claims of domestic customers.............................. 21,365 20,872 21,510 25,930 31,705 32,030 

of which: 

Canadian dollars.............................................. 3,360 4,227 1,646 1,662 2,879 3,383 

Euros................................................................ 8,554 6,555 7,774 12,368 17,861 17,687 

United Kingdom pounds sterling...................... 2,602 1,728 1,667 3,374 3,805 5,631 

Japanese yen................................................... 3,909 6,236 7,289 4,956 3,716 2,398 

Memoranda: 

Total own claims on foreigners ............................. 1,404,032 1,602,255 1,633,120 1,691,042 1,792,004 1,717,981 

Non-negotiable deposits .................................... 538,187 614,371 640,852 638,168 675,344 665,020 

Short-term negotiable instruments 

 (payable in dollars)........................................... 5,704 6,711 7,995 8,149 8,728 10,153 

Resale agreements ............................................ 344,753 381,551 378,174 438,527 473,671 469,947 

Other................................................................... 515,388 599,622 606,099 606,198 634,261 572,861 

Claims on own foreign offices............................... 934,166 1,047,383 1,024,154 1,056,210 1,116,919 1,081,276 

Claims reported by IBFs ....................................... 321,674 370,312 373,623 412,723 411,031 367,792 

Payable in dollars............................................... 293,898 339,364 341,095 374,744 365,265 336,279 

Payable in foreign currencies............................. 27,776 30,948 32,528 37,979 45,766 31,513 

Total claims held for domestic customers ............ 302,406 334,284 342,276 323,277 343,490 364,791 

Non-negotiable deposits .................................... 141,003 129,474 146,338 149,455 140,121 155,796 

Short-term negotiable instruments 

 (payable in dollars)........................................... 135,303 180,651 177,194 147,800 166,264 176,015 

Other ..................................................................... 26,100 24,159 18,744 26,022 37,105 32,980 

 

 
CAPITAL MOVEMENTS 

September 2005 

70 

TABLE CM-II-2.—Total Claims by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2003 2004 2005 

Country 

Calendar 

year 

2002 Sept. Dec. Mar. June r Sept. r Dec. Mar. p

 

Europe: 

Austria .................................................... 3,972 5,937 5,650 5,674 4,763 5,270 5,872 6,317

Belgium 1 ................................................ 8,255 10,661 11,353 13,689 14,409 13,869 11,664 15,233

Bulgaria .................................................. 10 110 59 12 120 39 106 46

Czech Republic ...................................... 149 151 232 107 234 185 746 1,124

Denmark................................................. 2,228 4,802 3,606 2,536 3,733 3,977 2,793 1,908

Finland.................................................... 9,020 7,256 8,489 9,088 11,387 13,023 12,224 13,151

France .................................................... 76,743 85,350 89,151 103,563 105,003 95,854 116,765 109,174

Germany................................................. 43,348 44,760 41,851 49,486 50,965 45,248 45,564 52,154

Greece.................................................... 653 250 244 212 263 278 139 132

Hungary.................................................. 211 156 78 158 106 101 192 47

Ireland..................................................... 4,990 13,218 12,721 16,324 16,266 12,569 23,503 23,599

Italy ......................................................... 7,750 8,983 10,553 15,380 16,144 18,559 21,711 22,371

Luxembourg 1 ......................................... 4,506 5,987 7,595 7,944 6,119 7,147 8,677 11,701

Netherlands ............................................ 32,757 30,001 29,533 33,847 33,051 32,240 32,574 25,617

Norway ................................................... 14,980 13,804 18,713 22,898 31,016 27,245 27,673 14,367

Poland .................................................... 179 1,166 53 1,121 956 1,794 222 1,370

Portugal .................................................. 2,641 3,094 2,765 2,812 1,972 1,983 2,037 2,004

Romania ................................................. 107 138 192 187 194 226 264 244

Russia 2 .................................................. 896 1,013 1,259 1,057 1,127 981 1,104 1,171

Serbia and Montenegro (formerly 

Yugoslavia) 3........................................ 9 3 - 24 - - - -

Spain ...................................................... 8,696 6,391 5,199 5,093 9,556 9,276 10,633 16,572

Sweden................................................... 22,789 23,141 20,044 24,292 23,904 20,656 27,226 23,998

Switzerland............................................. 138,173 101,924 82,948 106,867 96,329 112,012 116,696 90,421

Turkey..................................................... 3,305 3,401 2,209 3,327 3,296 2,393 2,603 2,603

United Kingdom...................................... 293,642 388,145 385,701 460,654 479,320 513,254 556,302 541,941

Channel Islands and Isle of Man 4 ......... 17,775 48,819 43,415 51,345 49,116 48,325 32,286 32,410

Other Europe.......................................... 1,997 2,477 3,443 4,693 5,841 6,502 6,424 9,036

Total Europe ........................................ 699,781 811,138 787,056 942,390 965,190 993,006 1,066,000 1,018,711

Canada...................................................... 94,126 81,765 79,059 81,535 81,821 75,261 75,012 70,950

Latin America: 

Argentina ................................................ 7,053 5,502 4,426 3,712 3,467 2,975 2,440 2,303

Brazil....................................................... 16,070 17,608 16,571 18,664 17,310 16,514 14,655 17,614

Chile ....................................................... 5,322 5,913 6,167 6,023 6,246 5,831 6,278 6,672

Colombia ................................................ 2,633 2,554 2,123 2,173 2,240 2,530 2,708 2,659

Ecuador.................................................. 469 427 419 425 453 447 493 509

Guatemala.............................................. 925 826 817 846 824 764 890 829

Mexico .................................................... 16,249 14,285 14,113 13,472 12,278 13,205 14,058 14,719

Panama .................................................. 2,070 1,925 1,946 1,928 1,742 1,559 2,021 2,160

Peru ........................................................ 1,424 1,408 1,398 1,383 1,665 1,647 1,547 1,395

Uruguay.................................................. 276 437 478 412 408 392 426 357

Venezuela .............................................. 3,404 3,229 3,093 2,990 2,945 2,736 3,061 2,868

Other Latin America 5 ............................. 2,780 2,583 2,438 2,571 2,665 2,401 2,753 2,542

Total Latin America.............................. 58,675 56,697 53,989 54,599 52,243 51,001 51,330 54,627

Caribbean: 

Bahamas ................................................ 96,358 115,056 104,469 100,823 96,490 88,390 105,605 109,014

Bermuda................................................. 10,620 13,750 15,410 21,171 16,390 26,401 34,740 29,399

Cayman Islands 6 ................................... 417,363 491,568 489,806 545,927 578,186 585,495 589,946 595,925

Cuba....................................................... -- - - -- - -

Jamaica .................................................. 321 402 379 388 457 378 351 391

Netherlands Antilles ............................... 6,783 7,289 6,736 5,401 5,459 5,357 5,610 5,750

Trinidad and Tobago .............................. 889 789 701 829 900 691 756 685

Other Caribbean 5 .................................. 3,453 3,632 5,108 6,047 6,838 7,036 7,841 9,728

Total Caribbean................................... 535,787 632,486 622,609 680,586 704,720 713,748 744,849 750,892

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2005 

71

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2003 2004 2005 

Country 

 Calendar 

 year 

 2002 Sept. Dec. Mar. June r Sept. r Dec. Mar. p 

 

Asia: 

China: 

Mainland .................................... 1,110 8,551 4,320 9,836 9,067 12,026 9,402 13,327

Taiwan ....................................... 3,939 7,601 9,952 9,401 11,312 10,140 10,916 12,577

Hong Kong ................................... 7,777 7,779 7,927 9,505 6,402 4,456 6,315 3,866

India.............................................. 1,314 1,786 1,781 2,141 2,481 2,402 2,286 2,516

Indonesia...................................... 1,795 1,460 877 958 937 638 616 553

Israel............................................. 6,979 5,389 7,186 7,444 5,257 5,885 3,258 5,983

Japan............................................ 59,792 72,744 74,174 69,503 81,777 91,534 102,722 88,670

Korea............................................ 11,209 7,286 12,416 20,890 15,320 14,117 16,196 16,125

Lebanon........................................ 48 78 72 72 60 56 49 44

Malaysia ....................................... 921 1,254 1,028 1,170 1,351 1,131 1,530 1,603

Pakistan........................................ 77 1,006 74 52 88 64 37 57

Philippines .................................... 2,180 1,337 1,751 1,580 1,316 937 1,002 853

Singapore ..................................... 4,425 6,822 8,291 9,075 8,975 6,618 6,594 7,401

Syria ............................................. 2 2 2 2 21 5 6 2

Thailand........................................ 1,443 2,110 1,303 1,198 809 964 1,448 1,658

Oil-exporting countries 7 ............... 10,487 7,864 8,748 6,466 8,239 10,213 10,747 8,557

Other Asia .................................... 246 131 194 122 173 243 231 111

Total Asia................................... 113,744 133,200 140,096 149,415 153,585 161,429 173,355 163,903

Africa: 

Congo (formerly Zaire) ................. - -- - - -- -

Egypt ............................................ 500 362 251 228 212 201 245 345

Ghana........................................... 12 16 17 11 11 19 22 16

Liberia........................................... 308 366 317 257 201 265 273 251

Morocco........................................ 71 52 66 66 71 88 95 90

South Africa.................................. 653 3,588 3,672 3,876 434 348 456 409

Oil-exporting countries 8 ............... 238 223 158 218 162 208 244 321

Other Africa .................................. 295 292 278 201 279 213 188 205

Total Africa ................................ 2,077 4,899 4,759 4,857 1,370 1,342 1,523 1,637

Other countries: 

Australia........................................ 7,793 10,522 10,599 13,417 11,367 10,644 13,376 10,637

New Zealand ................................ 881 1,263 2,964 2,590 1,768 1,491 2,161 1,920

All other ........................................ 69 82 46 61 39 79 82 221

Total other countries.................. 8,743 11,867 13,609 16,068 13,174 12,214 15,619 12,778

Total foreign countries ............ 1,512,933 1,732,052 1,701,177 1,929,450 1,972,103 2,008,001 2,127,688 2,073,498

International and regional orgs: 

International.................................. 3,291 5,446 3,971 5,260 2,092 4,480 6,798 6,110

European regional........................ 8 4 127 834 661 191 525 2,207

Latin American regional ............... 179 247 265 283 232 143 334 331

Caribbean regional....................... - -- - - -- -

Asian regional............................... 331 861 898 712 273 1,463 149 626

African regional ............................ - - - - 35 35 - -

Middle Eastern regional ............... - - - - - 6 - -

Total international 

 and regional............................ 3,809 6,558 5,261 7,089 3,293 6,318 7,806 9,274

Grand total .............................. 1,516,742 1,738,610 1,706,438 1,936,539 1,975,396 2,014,319 2,135,494 2,082,772

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 
CAPITAL MOVEMENTS 

September 2005 

72 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2005 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

Total 

claims 

(1) 

 

Total 

(2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

(3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

 (6) 

Total 

(7) 

 Payable in 

 dollars 

 (8) 

 Payable in 

 foreign 

 currencies 

 (9) 

Europe: 

Austria ............................................... 6,317 5,042 2,154 2,873 136 15 1,275 1,245 30

Belgium 1 ........................................... 15,233 12,529 10,809 1,346 4,813 374 2,704 2,503 201

Bulgaria ............................................. 46 44 42 1 - 1 2 2 -

Czech Republic ................................. 1,124 1,123 1,083 26 45 14 1 - 1

Denmark............................................ 1,908 479 162 247 - 70 1,429 1,301 128

Finland............................................... 13,151 12,682 12,472 81 12,359 129 469 215 254

France ............................................... 109,174 98,491 64,418 19,152 57,052 14,921 10,683 7,875 2,808

Germany............................................ 52,154 38,674 16,170 14,973 9,374 7,531 13,480 11,547 1,933

Greece............................................... 132 130 9 79 - 42 2 2 -

Hungary............................................. 47 41 19 2 - 20 6 - 6

Ireland................................................ 23,599 15,465 6,060 7,912 4,684 1,493 8,134 7,368 766

Italy .................................................... 22,371 20,266 17,858 353 16,787 2,055 2,105 2,052 53

Luxembourg 1 .................................... 11,701 4,030 2,862 874 2,202 294 7,671 7,311 360

Netherlands ....................................... 25,617 20,928 8,330 8,987 8,585 3,611 4,689 3,418 1,271

Norway .............................................. 14,367 12,448 11,545 856 703 47 1,919 1,835 84

Poland ............................................... 1,370 1,363 1,303 7 113 53 7 1 6

Portugal ............................................. 2,004 1,990 822 480 334 688 14 1 13

Romania ............................................ 244 244 21 211 - 12 - - -

Russia 2 ............................................. 1,171 1,167 721 441 135 5 4 4 -

Serbia and Montenegro (formerly 

 Yugoslavia) 3 ................................... - - - - - - - - -

Spain ................................................. 16,572 16,013 14,372 398 13,603 1,243 559 513 46

Sweden.............................................. 23,998 15,382 9,751 4,893 9,495 738 8,616 8,537 79

Switzerland........................................ 90,421 89,959 84,388 2,843 81,582 2,728 462 291 171

Turkey................................................ 2,603 2,580 2,092 469 73 19 23 14 9

United Kingdom................................. 541,941 427,058 282,120 105,331 316,873 39,607 114,883 109,067 5,816

Channel Islands and Isle of Man 4 ........ 32,410 28,964 21,188 7,672 21,147 104 3,446 2,399 1,047

Other Europe..................................... 9,036 2,562 1,920 434 - 208 6,474 7 6,467

Total Europe ................................... 1,018,711 829,654 572,691 180,941 560,095 76,022 189,057 167,508 21,549

Canada................................................. 70,950 57,319 38,725 8,565 34,490 10,029 13,631 9,802 3,829

Latin America: 

Argentina ........................................... 2,303 2,041 125 1,893 106 23 262 206 56

Brazil.................................................. 17,614 17,409 10,812 6,322 4,571 275 205 165 40

Chile .................................................. 6,672 6,623 2,442 4,059 286 122 49 48 1

Colombia ........................................... 2,659 2,637 1,593 1,011 114 33 22 16 6

Ecuador............................................. 509 485 143 342 3 - 24 24 -

Guatemala......................................... 829 817 383 424 44 10 12 12 -

Mexico ............................................... 14,719 14,305 1,728 12,359 526 218 414 312 102

Panama ............................................. 2,160 1,981 1,363 592 249 26 179 174 5

Peru ................................................... 1,395 1,380 411 966 157 3 15 15 -

Uruguay............................................. 357 341 82 259 63 - 16 10 6

Venezuela ......................................... 2,868 2,853 732 1,922 5 199 15 15 -

Other Latin America 5 ........................ 2,542 2,365 1,162 1,201 221 2 177 177 -

Total Latin America......................... 54,627 53,237 20,976 31,350 6,345 911 1,390 1,174 216

Caribbean: 

Bahamas ........................................... 109,014 86,220 80,160 4,875 79,531 1,185 22,794 22,711 83

Bermuda............................................ 29,399 28,522 366 27,715 5,570 441 877 876 1

Cayman Islands 6 .............................. 595,925 473,079 367,596 98,083 316,002 7,400 122,846 120,398 2,448

Cuba.................................................. - - - - - - - - -

Jamaica ............................................. 391 391 84 307 47 - - - -

Netherlands Antilles .......................... 5,750 5,707 1,362 4,339 1,342 6 43 40 3

Trinidad and Tobago ......................... 685 684 283 401 73 - 1 1 -

Other Caribbean 5 ............................. 9,728 9,546 646 8,658 59 242 182 182 -

Total Caribbean.............................. 750,892 604,149 450,497 144,378 402,624 9,274 146,743 144,208 2,535

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2005 

73

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2005, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

 Total 

 claims 

 (1) 

 Total 

 (2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

 (3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

(6) 

 Total 

 (7) 

 Payable in

 dollars 

 (8) 

Payable in 

foreign 

currencies 

(9) 

Asia: 

China: 

Mainland ......................................... 13,327 13,193 12,820 364 45 9 134 130 4 

Taiwan ............................................ 12,577 12,422 11,564 663 763 195 155 18 137 

Hong Kong ........................................ 3,866 3,699 2,244 1,120 1,476 335 167 63 104 

India................................................... 2,516 2,410 2,023 356 530 31 106 80 26 

Indonesia........................................... 553 544 173 333 25 38 9 5 4 

Israel.................................................. 5,983 4,084 3,830 199 1,428 55 1,899 1,897 2 

Japan................................................. 88,670 85,889 65,578 15,227 59,907 5,084 2,781 505 2,276 

Korea................................................. 16,125 16,090 14,375 1,306 2,723 409 35 29 6 

Lebanon............................................. 44 43 39 4 - - 1 1 - 

Malaysia ............................................ 1,603 1,570 1,227 305 262 38 33 9 24 

Pakistan............................................. 57 56 35 20 28 1 1 1 - 

Philippines ......................................... 853 838 646 183 8 9 15 12 3 

Singapore .......................................... 7,401 6,125 4,346 583 3,859 1,196 1,276 869 407 

Syria .................................................. 2 - - - - - 2 2 - 

Thailand............................................. 1,658 1,565 1,298 18 178 249 93 18 75 

Other Asia ......................................... 8,668 8,521 4,641 633 2,844 3,247 147 147 - 

Total Asia........................................ 163,903 157,049 124,839 21,314 74,076 10,896 6,854 3,786 3,068 

Africa: 

Congo (formerly Zaire) ...................... - - - - - - - - - 

Egypt ................................................. 345 320 211 77 111 32 25 9 16 

Ghana................................................ 16 6 5 1 - - 10 10 - 

Liberia................................................ 251 243 2 230 - 11 8 8 - 

Morocco............................................. 90 80 37 16 - 27 10 10 - 

South Africa....................................... 409 348 110 121 70 117 61 6 55 

Other Africa ....................................... 526 492 219 273 48 - 34 32 2 

Total Africa ..................................... 1,637 1,489 584 718 229 187 148 75 73 

Other countries: Australia............................................. 10,637 8,100 5,014 2,599 3,414 487 2,537 1,919 618 

New Zealand ..................................... 1,920 896 75 467 2 354 1,024 890 134 

All other ............................................. 221 221 2 219 1 - - - - 

Total other countries....................... 12,778 9,217 5,091 3,285 3,417 841 3,561 2,809 752 

Total foreign countries ................. 2,073,498 1,712,114 1,213,403 390,551 1,081,276 108,160 361,384 329,362 32,022 

International and regional orgs: 

International....................................... 6,110 5,048 - 5,048 - - 1,062 1,062 - 

European regional............................. 2,207 7 - 7 - - 2,200 2,192 8 

Latin American regional .................... 331 195 - 195 - - 136 136 - 

Caribbean regional............................ - - - - - - - - - 

Asian regional.................................... 626 617 - 617 - - 9 9 - 

African regional ................................. - - - - - - - - - 

Middle Eastern regional .................... - - - - - - - - - 

Total international and regional...... 9,274 5,867 - 5,867 - - 3,407 3,399 8 

Grand total ................................... 2,082,772 1,717,981 1,213,403 396,418 1,081,276 108,160 364,791 332,761 32,030 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data 

series. 
CAPITAL MOVEMENTS 

September 2005 

74 

 

 [In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2001 2002 2003 2004 Mar. 2005 

United Kingdom...................... 300,665 293,642 385,701 556,302 541,941

All other Europe ...................... 362,960 406,139 401,355 509,698 476,770

Caribbean banking centers 1,2 422,615 533,194 618,367 737,922 742,248

Japan ...................................... 40,047 59,792 74,174 102,722 88,670

All other Asia........................... 57,326 53,952 65,922 70,633 75,233

Subtotal................................. 1,183,613 1,346,719 1,545,519 1,977,277 1,924,862

All other countries................... 167,986 170,023 160,919 158,217 157,910

Grand total ............................ 1,351,599 1,516,742 1,706,438 2,135,494 2,082,772

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In March 2005, U.S. banking 

claims, excluding long-term 

securities, amounted to about 

$2.1 trillion, a slight decrease 

from the level recorded at 

yearend 2004. U.S. banking 

claims increased $429 billion in 

2004 and $190 billion in 2003. 

In large part, the increase in 

claims in 2003 reflects changes 

to the reporting scope of the 

TIC reporting system effective 

February 2003. Between 

March and December of 2003, 

when data were reported on a 

consistent basis, banking claims 

increased $18 billion. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. The 

share of claims against 

foreigners domiciled in Asia 

has declined over the past 

several years from about 20 

percent at the end of 1996 to 

less than 10 percent currently. 

0

100

200

300

400

500

600

700

800

2001 2002 2003 2004 Mar. 2005

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
 CAPITAL MOVEMENTS 

September 2005 

75

SECTION III.—Supplementary Liabilities and Claims Data 

Reported by Banks in the United States 

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regularly Reported Separately 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Total liabilities Total banks’ own claims 

Calendar year 2004 Calendar year 2004 

Country 2003 June Dec. 2003 June Dec. 

 

Other Europe: 

Cyprus.............................................................. 183 181 180 184 193 171 

Iceland.............................................................. 241 331 246 16 69 n.a. 

Monaco............................................................. 366 207 255 n.a. n.a. n.a. 

Other Latin America and Caribbean: 

Aruba................................................................ 425 323 437 179 180 149 

Barbados.......................................................... 11,114 10,633 10,438 631 111 164 

Belize................................................................ 167 207 204 18 n.a. 21 

Bolivia............................................................... 1,045 948 1,128 216 133 194 

Costa Rica........................................................ 964 920 969 700 682 698 

Dominica .......................................................... 69 45 n.a. n.a. - n.a. 

Dominican Republic ......................................... 1,744 2,208 2,484 551 455 418 

El Salvador....................................................... 1,321 1,228 1,296 806 936 1,089 

French West Indies and French Guiana.......... 40 38 21 - n.a. n.a. 

Haiti .................................................................. 350 326 385 43 50 54 

Honduras.......................................................... 1,284 1,591 1,636 245 275 265 

Nicaragua......................................................... 135 185 132 60 54 65 

Paraguay.......................................................... 726 713 795 62 204 49 

Suriname.......................................................... 158 142 123 n.a. n.a. n.a. 

Other Asia: 

Afghanistan ...................................................... 49 n.a. 102 - - - 

Burma............................................................... 5 7 7 - - - 

Jordan .............................................................. 1,575 1,294 1,016 99 44 44 

Macau............................................................... 97 91 n.a. 6 5 9 

Sri Lanka .......................................................... 548 492 n.a. n.a. 14 n.a. 

Yemen.............................................................. 333 263 235 n.a. n.a. 13 

Other Africa: 

Angola .............................................................. 139 n.a. n.a. n.a. n.a. - 

Cameroon......................................................... 18 15 16 20 16 26 

Ethiopia ............................................................ 349 304 n.a. - - - 

Guinea.............................................................. 16 14 28 12 n.a. n.a. 

Ivory Coast ....................................................... 77 143 76 n.a. n.a. 2 

Kenya ............................................................... 124 146 245 n.a. n.a. 6 

Mauritius........................................................... 113 110 541 9 n.a. n.a. 

Mozambique..................................................... 202 111 144 - - - 

Rwanda ............................................................ 64 41 156 n.a. - - 

Senegal ............................................................ n.a. 25 36 n.a. n.a. n.a. 

Somalia ............................................................ n.a. n.a. n.a. - - - 

Sudan............................................................... 82 n.a. n.a. - - - 

Tanzania........................................................... 452 183 172 9 n.a. 5 

Tunisia.............................................................. 43 56 n.a. 67 73 54 

Uganda............................................................. 167 230 228 n.a. n.a. - 

Zambia ............................................................. 93 72 71 - - - 

Zimbabwe......................................................... 61 143 66 - - n.a. 

All other: 

Papua New Guinea.......................................... n.a. n.a. n.a. n.a. n.a. - 

 

Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

dates for the “Other” geographical categories in the regular monthly/quarterly series on 

U.S. banking liabilities and claims in Capital Movements sections I and II. 
CAPITAL MOVEMENTS 

September 2005 

76 

SECTION IV.—Liabilities to, and Claims on, Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

TABLE CM-IV-1.—Total Liabilities and Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 2005 

Type of liability or claim 2001 2002 2003 Mar. June r Sept. r Dec. Mar. p 

Total liabilities ................................................ 66,679 67,664 83,475 88,728 105,175 103,429 108,607 109,435 

Payable in dollars....................................... 42,925 45,087 52,922 62,328 72,068 69,932 71,984 72,765 

Financial................................................. 18,763 18,844 25,290 34,150 42,406 43,842 46,173 42,895 

Short-term negotiable securities........ n.a. n.a. 1,895 2,369 1,980 2,867 1,410 1,262 

Other .................................................. n.a. n.a. 23,395 31,781 40,426 40,975 44,763 41,633 

Commercial............................................ 24,162 26,243 27,632 28,178 29,662 26,090 25,811 29,870 

Trade payables .................................. 10,893 13,469 16,000 16,264 17,001 17,054 16,705 20,237 

Advance receipts and other............... 13,269 12,774 11,632 11,914 12,661 9,036 9,106 9,633 

Payable in foreign currencies .................... 23,754 22,577 30,553 26,400 33,107 33,497 36,623 36,670 

By major foreign currency: 

Canadian dollars................................ n.a. n.a. 1,630 1,345 1,913 2,222 2,623 2,496 

Euros.................................................. n.a. n.a. 11,159 7,846 8,727 8,708 10,125 12,185 

United Kingdom pounds sterling........ n.a. n.a. 12,031 13,407 18,476 18,020 19,041 17,182 

Japanese yen..................................... n.a. n.a. 2,702 1,553 1,915 1,944 1,860 1,693 

Other .................................................. n.a. n.a. 3,031 2,249 2,076 2,603 2,974 3,114 

By type of liability: 

Financial............................................. 22,271 20,717 28,095 24,146 30,628 30,201 33,272 33,447 

Short-term negotiable securities.... n.a. n.a. 12,107 7,490 8,888 8,548 10,349 8,791 

Other .............................................. n.a. n.a. 15,988 16,656 21,740 21,653 22,923 24,656 

Commercial........................................ 1,483 1,860 2,458 2,254 2,479 3,296 3,351 3,223 

Trade payables .............................. 888 1,230 1,174 1,220 1,385 1,308 1,476 1,421 

Advance receipts and other........... 595 630 1,284 1,034 1,094 1,988 1,875 1,802 

Total claims.................................................... 113,082 102,566 165,934 176,473 188,537 192,347 197,739 200,499

Payable in dollars....................................... 103,864 91,551 148,406 158,866 145,146 152,511 149,391 151,871 

Financial................................................. 74,471 65,070 122,879 132,701 117,735 124,592 121,909 123,379 

Non-negotiable deposits .................... n.a. n.a. 33,944 43,937 41,344 48,986 42,005 45,007 

Negotiable CDs and short-term 

 negotiable instruments..................... n.a. n.a. 3,047 2,353 5,272 7,436 9,739 11,768 

Other .................................................. n.a. n.a. 85,888 86,411 71,119 68,170 70,165 66,604 

Commercial............................................ 29,393 26,481 25,527 26,165 27,411 27,919 27,482 28,492 

Trade receivables .............................. 25,828 22,635 21,278 21,773 23,657 24,134 24,821 24,771 

Advance payments and other............ 3,565 3,846 4,249 4,392 3,754 3,785 2,661 3,721 

Payable in foreign currencies .................... 9,218 11,015 17,528 17,607 43,391 39,836 48,348 48,628 

By major foreign currency: 

Canadian dollars................................ n.a. n.a. 2,469 2,772 2,049 1,724 1,841 7,715 

Euros.................................................. n.a. n.a. 4,318 3,680 9,730 14,155 22,212 19,170 

United Kingdom pounds sterling........ n.a. n.a. 4,429 5,021 15,196 10,787 10,805 8,798 

Japanese yen..................................... n.a. n.a. 1,420 1,370 8,550 8,020 7,583 6,350 

Other .................................................. n.a. n.a. 4,892 4,764 7,866 5,150 5,907 6,595 

By type of claim: 

Financial............................................. 6,816 6,319 9,453 9,931 36,361 35,960 43,072 43,824 

Non-negotiable deposits ................ n.a. n.a. 1,976 1,478 1,630 1,328 5,878 7,309 

Short-term negotiable securities.... n.a. n.a. 164 149 196 159 153 144 

Other .............................................. n.a. n.a. 7,313 8,304 34,535 34,473 37,041 36,371 

Commercial........................................ 2,402 4,696 8,075 7,676 7,030 3,876 5,276 4,804 

Trade receivables .......................... 1,685 3,750 7,373 6,850 6,258 3,223 4,451 3,979 

Advance payments and other........ 717 946 702 826 772 653 825 825 

Memoranda: 

Financial liabilities and claims: 

Positions with unaffiliated entities: 

Financial liabilities .............................. 41,034 39,561 43,845 45,349 58,319 57,367 63,115 53,112 

Financial claims ................................. 81,287 71,389 67,347 80,256 92,499 101,867 110,517 113,672 

Selected positions with affiliated 

 entities: 1 

Financial liabilities.............................. n.a. n.a. 9,540 12,947 14,715 16,676 16,330 23,230 

Financial claims ................................. n.a. n.a. 64,985 62,376 61,597 58,685 54,464 53,531 

 

1

 Beginning March 2003, reporters who are financial intermediaries or insurance 

underwriting subsidiaries of bank/financial holding companies report financial liabilities and 

claims positions with specified affiliated foreign residents. 

 
CAPITAL MOVEMENTS 

September 2005 

77

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 2005 

Country 2000 2001 2002 2003 Mar. June r Sept. r Dec. Mar. p 

Europe: 

Austria.................................. 111 151 64 82 80 95 83 146 147

Belgium 1 .............................. 440 253 285 163 107 82 98 74 68

Bulgaria................................ 234322224

Czech Republic.................... 7 10 13 6 6 29 26 34 37

Denmark............................... 149 148 522 67 76 118 72 41 75

Finland ................................. 91 86 56 47 53 34 39 38 400

France.................................. 2,459 3,575 6,008 4,443 3,150 3,184 3,340 2,368 2,840

Germany .............................. 3,215 3,249 3,704 4,386 4,033 4,974 4,356 3,935 6,231

Greece ................................. 400 410 403 474 542 535 284 248 232

Hungary................................ 8 27 32 11 12 20 10 14 10

Ireland .................................. 1,216 1,264 785 856 848 891 1,635 1,070 1,228

Italy....................................... 1,773 1,395 1,271 1,154 1,011 1,063 892 795 947

Luxembourg 1....................... n.a. n.a. n.a. 705 566 592 712 824 622

Netherlands.......................... 2,316 3,117 2,415 668 587 609 655 668 733

Norway................................. 286 320 406 445 357 7,655 4,664 1,365 873

Poland.................................. 42 43 46 26 28 156 154 151 179

Portugal................................ 16 16 17 7 10 22 23 22 29

Romania............................... 178 17 20 30 31 31 43 33 16

Russia 2 ................................ 91 48 38 71 44 93 61 74 47

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 11 14 9 - 24 - 1 2 3

Spain.................................... 468 423 403 1,068 937 1,021 1,292 591 347

Sweden ................................ 117 97 115 656 760 762 746 800 221

Switzerland .......................... 606 884 494 1,884 1,067 936 1,047 1,078 1,022

Turkey .................................. 408 133 101 302 332 302 123 180 103

United Kingdom ................... 29,209 25,131 25,180 26,911 25,025 32,024 31,292 32,630 29,600

Channel Islands and 

Isle of Man 4 ..................... n.a. n.a. n.a. - 2 3 1 2 -

Other Europe ....................... 182 211 201 188 229 296 326 535 400

Total Europe .................... 43,801 41,025 42,592 44,653 39,919 55,529 51,977 47,720 46,414

Canada..................................... 2,344 2,577 2,179 3,640 3,879 4,295 4,176 4,846 4,700

Latin America: 

Argentina.............................. 146 50 62 125 270 101 75 59 90

Brazil .................................... 262 325 318 475 517 367 283 321 360

Chile ..................................... 52 56 55 60 77 74 62 91 196

Colombia.............................. 131 82 50 118 149 96 136 84 93

Ecuador................................ 32 4 5 21 11 20 38 26 31

Guatemala ........................... 10 13 13 15 18 13 9 10 4

Mexico.................................. 867 935 1,201 1,332 1,390 1,780 1,949 1,968 2,184

Panama................................ 32 49 61 52 51 39 27 7 23

Peru...................................... 24 41 21 15 14 79 18 17 17

Uruguay................................ 2786442124

Venezuela ............................ 286 168 178 332 389 481 499 451 651

Other Latin America 5 ........... 1,994 284 503 98 202 88 77 113 72

Total Latin America............. 3,863 2,015 2,473 2,647 3,092 3,140 3,174 3,149 3,725

Caribbean: 

Bahamas.............................. 37 209 74 14 16 39 35 32 66

Bermuda................................... 2,020 1,551 1,528 1,224 4,251 3,101 3,017 9,230 1,312

British West Indies 6................. 482 1,672 401 n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. n.a. n.a. 3,154 3,987 3,515 4,620 7,279 7,900

Cuba..................................... 20 42 29 2 3 2 2 - -

Jamaica................................ 16 12 28 17 17 21 13 24 20

Netherlands Antilles............. 32 46 11 3 12 14 39 14 17

Trinidad and Tobago............ 36 38 33 16 67 19 12 15 40

Other Caribbean 5 ................ n.a. n.a. n.a. 564 586 630 702 729 891

Total Caribbean ............... 2,643 3,570 2,104 4,994 8,939 7,341 8,440 17,323 10,246

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2005 

78 

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 2005 

Country 2000 2001 2002 2003 Mar. June r Sept. r Dec. Mar. p 

Asia: 

China: 

Mainland............................. 497 735 1,252 1,129 3,081 3,496 3,439 3,983 3,592

Taiwan................................ 970 819 659 441 513 572 539 491 618

Hong Kong ............................. 640 560 495 583 494 714 736 668 644

India........................................ 309 179 160 86 202 222 139 103 80

Indonesia................................ 81 44 100 60 57 43 43 74 71

Israel....................................... 468 195 350 519 886 481 377 302 365

Japan...................................... 8,973 5,850 6,124 6,196 6,404 6,367 5,952 5,869 6,685

Korea...................................... 941 897 548 1,331 1,445 1,597 692 723 688

Lebanon ................................. 53 57 53 13 44 40 37 35 34

Malaysia ................................. 162 393 140 188 170 256 311 256 282

Pakistan.................................. 96 94 158 233 77 101 109 171 142

Philippines.............................. 114 1,100 108 139 110 60 120 117 107

Singapore............................... 2,280 1,793 1,796 1,436 1,699 1,348 1,165 822 1,246

Syria ....................................... 27 6 13 2 22 2 38 21 3

Thailand.................................. 203 105 118 34 37 54 24 79 86

Oil-exporting countries 7......... 2,844 2,649 3,993 3,184 2,582 2,335 3,342 2,946 3,933

Other Asia .............................. 290 83 247 284 236 283 233 303 226

Total Asia ........................... 18,948 15,559 16,314 15,858 18,059 17,971 17,296 16,963 18,802

Africa: 

Congo (formerly Zaire)........... - 1 1 86 - 2 - - -

Egypt ...................................... 166 117 128 28 136 126 131 132 137

Ghana..................................... 6 3 2 4 5 5 3 2 5

Liberia..................................... 18 30 1 - 4 - - 14 5

Morocco.................................. 11 34 42 41 36 37 42 44 39

South Africa............................ 135 111 130 52 46 44 41 36 51

Oil-exporting countries 8......... 483 441 496 464 641 660 581 518 542

Other Africa ............................ 181 152 158 230 267 326 277 332 288

Total Africa ......................... 1,000 889 958 905 1,135 1,200 1,075 1,078 1,067

Other countries: 

Australia ................................. 344 584 732 1,053 619 574 464 1,047 1,075

New Zealand 9........................ n.a. n.a. n.a. 71 58 36 53 51 65

All other .................................. 898 430 238 98 78 371 96 98 109

Total other countries .......... 1,242 1,014 970 1,222 755 981 613 1,196 1,249

Total foreign countries ... 73,841 66,649 67,590 73,919 75,778 90,457 86,751 92,275 86,203

International and regional orgs: 

International ........................... 1 - 22 - - - - - -

European regional.................. 45 30 3 16 3 3 2 2 2

Latin American regional ......... - - 46 - - - - - -

Caribbean regional 10 ............. n.a. n.a. n.a. - - - - - -

Asian regional ........................ 9 - 3 - - - - - -

African regional ...................... 8 - - - - - - - -

Middle Eastern regional ......... - - - - - - - - -

Total international 

 and regional ..................... 63 30 74 16 3 3 2 2 2

Grand total ..................... 73,904 66,679 67,664 73,935 75,781 90,460 86,753 92,277 86,205

 

 1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

September 2005 

79

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 2005 

Country 2000 2001 2002 2003 Mar. June r Sept. Dec. Mar. p 

Europe: 

Austria....................................... 498 1,985 1,770 1,752 1,794 1,744 1,841 1,816 2,329

Belgium 1 ................................... 748 893 991 523 567 541 457 2,307 2,831

Bulgaria..................................... 6 13 9 14 36 27 28 37 35

Czech Republic......................... 67 79 62 54 61 65 48 64 44

Denmark.................................... 229 138 112 716 150 156 235 494 176

Finland ...................................... 224 238 624 176 161 198 139 617 240

France....................................... 4,301 4,371 6,411 5,865 5,853 6,978 6,202 3,713 6,074

Germany ................................... 2,830 2,726 5,447 4,143 6,067 4,679 3,635 6,805 8,665

Greece ...................................... 332 339 409 204 248 295 160 199 219

Hungary..................................... 47 66 51 53 32 33 38 46 40

Ireland ....................................... 616 821 516 423 380 395 387 1,672 419

Italy............................................ 1,114 1,434 2,963 4,075 4,381 3,223 3,547 2,434 2,333

Luxembourg 1............................ n.a. n.a. n.a. 115 898 903 133 127 189

Netherlands............................... 3,125 2,667 5,138 3,186 2,714 3,319 3,545 7,883 8,181

Norway...................................... 308 257 286 315 301 3,471 3,415 229 252

Poland....................................... 67 77 79 104 84 72 61 57 51

Portugal..................................... 83 71 222 161 161 184 144 146 134

Romania.................................... 16 34 24 25 21 30 38 47 36

Russia 2 ..................................... 373 137 93 118 133 150 148 157 183

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 15 23 10 13 9 10 17 14 27

Spain......................................... 860 1,042 1,370 1,803 1,527 2,578 1,612 1,242 1,504

Sweden ..................................... 360 441 417 779 637 597 867 648 619

Switzerland ............................... 1,462 1,200 886 2,538 1,866 1,710 1,803 2,506 2,304

Turkey ....................................... 700 383 503 479 537 465 499 594 498

United Kingdom ........................ 20,402 20,343 14,390 15,366 17,149 27,298 30,421 27,707 28,611

Channel Islands and 

Isle of Man 4 .......................... n.a. n.a. n.a. - 8 184 39 25 10

Other Europe ............................ 291 362 422 546 888 595 591 611 1,011

Total Europe ......................... 39,074 40,140 43,205 43,546 46,663 59,900 60,050 62,197 67,015

Canada.......................................... 8,078 9,011 7,803 8,381 8,550 6,826 8,086 8,430 13,516

Latin America: 

Argentina................................... 1,109 810 602 398 550 355 420 406 430

Brazil ......................................... 2,784 3,081 3,036 2,735 2,969 2,774 2,738 2,758 2,891

Chile .......................................... 302 242 217 382 302 326 286 346 320

Colombia................................... 351 240 240 234 247 272 288 295 318

Ecuador..................................... 66 62 112 117 109 74 85 86 95

Guatemala ................................ 106 90 79 76 96 85 92 90 121

Mexico....................................... 3,955 4,466 4,180 2,968 2,872 2,950 3,294 3,756 3,589

Panama..................................... 244 105 79 232 145 131 180 177 220

Peru........................................... 171 79 69 73 100 76 87 95 113

Uruguay..................................... 35 20 30 16 53 17 15 13 68

Venezuela ................................. 415 371 392 361 402 387 402 474 526

Other Latin America 5 ................ 842 919 1,102 427 550 526 519 504 574

Total Latin America................... 10,380 10,485 10,138 8,019 8,395 7,973 8,406 9,000 9,265

Caribbean: 

Bahamas................................... 1,390 1,018 1,069 1,075 681 826 1,404 1,631 1,941

Bermuda......................................... 395 1,287 1,011 1,024 1,773 2,100 1,829 5,358 2,719

British West Indies 6....................... 12,733 33,060 21,547 n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ...................... n.a. n.a. n.a. 20,067 28,644 27,679 35,312 36,320 31,237

Cuba.......................................... 1 2 - 16 2 8 2 8 2

Jamaica..................................... 126 93 94 84 87 82 80 67 66

Netherlands Antilles.................. 84 70 45 32 16 40 36 37 13

Trinidad and Tobago................. 59 45 54 100 126 130 117 120 162

Other Caribbean 5 ..................... n.a. n.a. n.a. 951 1,076 1,046 1,046 1,085 1,009

Total Caribbean .................... 14,788 35,575 23,820 23,349 32,405 31,911 39,826 44,626 37,149

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2005 

80 

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2004 2005 

Country 2000 2001 2002 2003 Mar. June r Sept. Dec. Mar. p 

 

Asia: 

China: 

Mainland............................. 1,096 1,052 867 1,066 2,023 3,246 2,900 3,688 3,715 

Taiwan................................ 1,299 853 696 783 908 782 880 895 832 

Hong Kong ............................. 593 1,094 682 832 696 561 607 701 649 

India ....................................... 661 638 743 668 612 424 659 643 626 

Indonesia................................ 407 239 280 170 247 217 423 393 589 

Israel ...................................... 458 700 453 749 858 711 586 482 481 

Japan ..................................... 4,427 3,610 3,618 2,955 2,567 2,795 2,897 2,850 2,899 

Korea...................................... 1,745 1,850 1,738 1,456 1,552 1,656 1,472 1,569 1,631 

Lebanon ................................. 36 16 21 34 23 23 18 15 21 

Malaysia................................. 743 645 521 497 497 516 573 549 520 

Pakistan ................................. 37 44 17 34 18 50 52 43 44 

Philippines.............................. 106 1,001 708 743 404 304 255 503 914 

Singapore............................... 1,065 1,120 1,044 1,162 908 1,091 1,267 1,600 1,418 

Syria ....................................... 11 11 28 6 4 9 4 14 6 

Thailand ................................. 344 232 237 250 231 256 282 326 270 

Oil-exporting countries 7......... 1,104 985 897 1,046 1,118 1,206 1,099 1,208 1,340 

Other Asia .............................. 195 189 132 222 234 294 260 309 294 

Total Asia ........................... 14,327 14,279 12,682 12,673 12,900 14,141 14,234 15,788 16,249 

Africa: 

Congo (formerly Zaire)........... - - 18 2 2 - 5 1 1 

Egypt...................................... 266 233 155 176 132 181 238 159 247 

Ghana .................................... 5 7 9 8 9 10 11 4 25 

Liberia .................................... 2 28 50 109 71 23 52 102 100 

Morocco ................................. 49 35 24 27 41 47 46 33 39 

South Africa ........................... 266 293 273 247 235 150 148 193 174 

Oil-exporting countries 8......... 237 137 120 150 196 232 212 162 256 

Other Africa............................ 258 326 330 336 326 306 329 281 337 

Total Africa......................... 1,083 1,059 979 1,055 1,012 949 1,041 935 1,179 

Other countries: 

Australia ................................. 2,041 2,150 3,540 3,624 3,794 3,820 1,458 1,599 1,857 

New Zealand 9........................ n.a. n.a. n.a. 208 255 367 403 441 544 

All other.................................. 359 383 393 83 112 1,043 146 245 178 

Total other countries .......... 2,400 2,533 3,933 3,915 4,161 5,230 2,007 2,285 2,579 

Total foreign countries ... 90,130 113,082 102,560 100,938 114,086 126,930 133,650 143,261 146,952 

International and regional orgs : 

International ........................... 2 - 2 1 2 2 2 3 4 

European regional.................. 4 - 1 2 3 1 - 1 1 

Latin American regional......... - - 1 6 5 5 5 6 5 

Caribbean regional 10 ............. n.a. n.a. n.a. - - - - 1 - 

Asian regional ........................ 12 - - 2 1 2 5 3 5 

African regional...................... 2 - 1 - - - - - 1 

Middle Eastern regional......... 7 - 1 - - - - - - 

Total international 

 and regional ..................... 27 - 6 11 11 10 12 14 16 

Grand total ..................... 90,157 113,082 102,566 100,949 114,097 126,940 133,662 143,275 146,968 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

September 2005 

81

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, March 31, 2005, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

 

Europe: 

Austria ........................................... 147 25 122 2,329 2,238 91 

Belgium 1 ....................................... 68 1 67 2,831 2,627 204 

Bulgaria ......................................... 4 2 2 35 27 8 

Czech Republic............................. 37 1 36 44 10 34 

Denmark........................................ 75 - 75 176 105 71 

Finland........................................... 400 13 387 240 12 228 

France ........................................... 2,840 1,550 1,290 6,074 3,177 2,897 

Germany........................................ 6,231 5,276 955 8,665 7,126 1,539 

Greece........................................... 232 18 214 219 55 164 

Hungary......................................... 10 6 4 40 6 34 

Ireland ........................................... 1,228 1,142 86 419 137 282 

Italy................................................ 947 352 595 2,333 1,124 1,209 

Luxembourg 1 ................................ 622 589 33 189 24 165 

Netherlands................................... 733 413 320 8,181 7,692 489 

Norway .......................................... 873 531 342 252 169 83 

Poland ........................................... 179 - 179 51 3 48 

Portugal......................................... 29 3 26 134 91 43 

Romania........................................ 16 - 16 36 - 36 

Russia 2 ......................................... 47 7 40 183 36 147 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 3 1 2 27 1 26 

Spain ............................................. 347 31 316 1,504 932 572 

Sweden ......................................... 221 4 217 619 332 287 

Switzerland.................................... 1,022 282 740 2,304 827 1,477 

Turkey ........................................... 103 9 94 498 355 143 

United Kingdom............................. 29,600 26,024 3,576 28,611 25,104 3,507 

Channel Islands and 

Isle of Man 4 .............................. - - - 10 - 10 

Other Europe................................. 400 50 350 1,011 790 221 

Total Europe.............................. 46,414 36,330 10,084 67,015 53,000 14,015 

Canada.............................................. 4,700 2,560 2,140 13,516 11,361 2,155 

Latin America: 

Argentina....................................... 90 31 59 430 124 306 

Brazil ............................................. 360 263 97 2,891 1,839 1,052 

Chile .............................................. 196 10 186 320 71 249 

Colombia ....................................... 93 20 73 318 38 280 

Ecuador......................................... 31 1 30 95 10 85 

Guatemala..................................... 4 - 4 121 44 77 

Mexico........................................... 2,184 30 2,154 3,589 1,727 1,862 

Panama......................................... 23 1 22 220 138 82 

Peru............................................... 17 - 17 113 8 105 

Uruguay......................................... 4 - 4 68 1 67 

Venezuela ..................................... 651 11 640 526 164 362 

Other Latin America 5 .................... 72 1 71 574 259 315 

Total Latin America ....................... 3,725 368 3,357 9,265 4,423 4,842 

Caribbean: 

Bahamas ....................................... 66 - 66 1,941 1,899 42 

Bermuda............................................. 1,312 801 511 2,719 2,128 591 

Cayman Islands 6............................. 7,900 7,871 29 31,237 31,162 75 

Cuba.............................................. - - - 2 - 2 

Jamaica......................................... 20 6 14 66 42 24 

Netherlands Antilles ...................... 17 - 17 13 - 13 

Trinidad and Tobago..................... 40 4 36 162 91 71 

Other Caribbean 5 ......................... 891 26 865 1,009 148 861 

Total Caribbean......................... 10,246 8,708 1,538 37,149 35,470 1,679 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2005 

82 

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, March 31, 2005, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

Asia: 

China: 

Mainland.................................... 3,592 2,369 1,223 3,715 2,672 1,043 

Taiwan....................................... 618 15 603 832 89 743 

Hong Kong .................................... 644 134 510 649 267 382 

India............................................... 80 13 67 626 222 404 

Indonesia....................................... 71 16 55 589 387 202 

Israel.............................................. 365 111 254 481 151 330 

Japan............................................. 6,685 1,365 5,320 2,899 981 1,918 

Korea............................................. 688 58 630 1,631 1,007 624 

Lebanon ........................................ 34 3 31 21 - 21 

Malaysia ........................................ 282 1 281 520 311 209 

Pakistan......................................... 142 1 141 44 18 26 

Philippines..................................... 107 9 98 914 845 69 

Singapore...................................... 1,246 167 1,079 1,418 346 1,072 

Syria .............................................. 3 - 3 6 - 6 

Thailand......................................... 86 29 57 270 143 127 

Other Asia ..................................... 4,159 56 4,103 1,634 241 1,393 

Total Asia .................................... 18,802 4,347 14,455 16,249 7,680 8,569 

Africa: 

Congo (formerly Zaire).................. - - - 1 - 1 

Egypt ............................................. 137 - 137 247 6 241 

Ghana............................................ 5 1 4 25 - 25 

Liberia............................................ 5 - 5 100 93 7 

Morocco......................................... 39 2 37 39 14 25 

South Africa................................... 51 18 33 174 45 129 

Other Africa ................................... 830 111 719 593 132 461 

Total Africa ................................ 1,067 132 935 1,179 290 889 

Other countries: 

Australia ........................................ 1,075 649 426 1,857 1,301 556 

New Zealand 7............................... 65 17 48 544 98 446 

All other ......................................... 109 1 108 178 49 129 

Total other countries ................. 1,249 667 582 2,579 1,448 1,131 

Total foreign countries .......... 86,203 53,112 33,091 146,952 113,672 33,280 

International and regional orgs: 

International .................................. - - - 4 - 4 

European regional......................... 2 - 2 1 - 1 

Latin American regional ................ - - - 5 - 5 

Caribbean regional 8 ..................... - - - - - - 

Asian regional ............................... - - - 5 - 5 

African regional ............................. - - - 1 - 1 

Middle Eastern regional ................ - - - - - - 

Total international 

 and regional ............................ 2 - 2 16 - 16 

Grand total ............................ 86,205 53,112 33,093 146,968 113,672 33,296 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Before January 2001, included in “Latin American regional.” 
 CAPITAL MOVEMENTS 

September 2005 

83

SECTION V.—U.S. International Transactions in Long-Term Securities 

TABLE CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchase 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International 

and regional 

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign 

 purchases 

 (8) 

Gross foreign 

sales 

(9) 

2001 ......................................... 18,514 3,474 15,726 -686 5,267,730 5,249,216 163,990 1,201,649 1,037,659 

2002 ......................................... 119,921 7,149 110,761 2,011 7,264,450 7,144,529 195,145 1,727,972 1,532,827 

2003 r ....................................... 265,519 103,838 161,624 57 8,009,631 7,744,112 155,830 1,441,694 1,285,864 

2004 r ...................................... 352,028 201,140 150,169 719 8,935,569 8,583,541 226,397 1,209,381 982,984 

2005 - Jan. - June p ................. 161,219 35,855 123,738 1,626 5,280,010 5,118,791 97,881 522,313 424,432 

 

2004 - June r............................ 45,347 16,335 28,722 290 713,758 668,411 13,825 110,425 96,600 

July r............................. 12,637 5,935 7,086 -384 647,974 635,337 19,268 122,036 102,768 

Aug. r............................ 13,395 15,515 -2,806 686 769,582 756,187 17,491 87,388 69,897 

Sept. r........................... 17,039 10,874 6,929 -764 788,602 771,563 8,426 79,263 70,837 

Oct. r............................. 19,203 15,649 3,085 469 698,172 678,969 21,938 82,829 60,891 

Nov. r............................ 33,685 21,049 12,349 287 844,093 810,408 27,798 94,787 66,989 

Dec. r............................ 8,354 6,976 1,552 -174 763,555 755,201 26,607 74,481 47,874 

2005 - Jan. r ............................. 30,741 7,630 22,644 467 788,643 757,902 26,019 87,322 61,303 

Feb ............................... 42,505 11,273 31,548 -316 838,622 796,117 16,149 86,158 70,009 

Mar ............................... 27,789 -14,983 42,711 61 929,238 901,449 7,491 89,839 82,348 

Apr................................ 24,690 13,907 10,026 757 832,254 807,564 6,674 85,712 79,038 

May p............................ 27,575 6,805 20,818 -48 955,503 927,928 22,686 82,935 60,249 

June p........................... 7,919 11,223 -4,009 705 935,750 927,831 18,862 90,347 71,485 

Corporate and other securities 

Bonds 1 Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2001 .............................................................................. 221,955 741,041 519,086 116,390 3,051,332 2,934,942 

2002 .............................................................................. 182,310 820,747 638,437 50,189 3,209,760 3,159,571 

2003 r ............................................................................ 265,789 979,885 714,096 34,737 3,104,232 3,069,495 

2004 r ............................................................................ 310,340 1,176,288 865,948 27,888 3,966,975 3,939,087 

2005 - Jan. - June p ...................................................... 163,818 642,083 478,265 23,001 2,118,291 2,095,290 

 

2004 - June r ................................................................ 27,409 95,051 67,642 3,851 322,920 319,069 

July r.................................................................. 28,683 97,692 69,009 7,350 345,384 338,034 

Aug. r................................................................. 24,697 87,732 63,035 -2,130 271,563 273,693 

Sept. r................................................................ 45,045 110,055 65,010 -3,280 280,432 283,712 

Oct. r.................................................................. 19,673 90,511 70,838 2,931 332,180 329,249 

Nov. r................................................................. 26,264 110,368 84,104 13,856 367,094 353,238 

Dec. r................................................................. 41,123 117,942 76,819 7,858 363,267 355,409 

2005 - Jan. r .................................................................. 18,596 90,676 72,080 13,291 327,975 314,684 

Feb .................................................................... 31,972 110,308 78,336 2,909 331,122 328,213 

Mar .................................................................... 22,429 114,539 92,110 1,673 376,568 374,895 

Apr..................................................................... 18,196 93,895 75,699 4,908 384,212 379,304 

May p................................................................. 20,388 97,353 76,965 113 352,208 352,095 

June p................................................................ 52,237 135,312 83,075 107 346,206 346,099 

 

 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
CAPITAL MOVEMENTS 

September 2005 

84

TABLE CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from 

U.S. 

(2) 

Gross foreign 

purchases from 

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign 

purchases from 

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2001 ..................................................... -19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777 

2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 

2003 r ................................................... -69,435 19,152 1,460,357 1,441,205 -88,587 1,304,564 1,393,151 

2004 r ................................................... -112,592 -29,001 1,456,617 1,485,618 -83,591 1,663,966 1,747,557 

2005 - Jan. - June p ............................. -60,602 -9,698 772,393 782,091 -50,904 970,495 1,021,399 

 

2004 - June r ....................................... -7,351 907 109,716 108,809 -8,258 140,360 148,618 

July r ........................................ -15,006 -5,890 105,341 111,231 -9,116 129,316 138,432 

Aug. r........................................ -6,226 -6,574 109,220 115,794 348 124,465 124,117 

Sept. r....................................... -26,627 -22,132 114,847 136,979 -4,495 113,329 117,824 

Oct. r......................................... -12,232 -2,042 121,485 123,527 -10,190 131,703 141,893 

Nov. r........................................ -5,208 2,579 122,019 119,440 -7,787 151,577 159,364 

Dec. r........................................ -20,738 -6,650 118,719 125,369 -14,088 143,565 157,653 

2005 - Jan. r......................................... 519 5,551 116,885 111,334 -5,032 134,252 139,284 

Feb ........................................... -13,907 1,436 129,170 127,734 -15,343 152,462 167,805 

Mar ........................................... -18,114 -3,630 135,311 138,941 -14,484 193,370 207,854 

Apr............................................ -6,293 -4,613 116,792 121,405 -1,680 169,942 171,622 

May p........................................ -14,931 -10,202 128,622 138,824 -4,729 159,220 163,949 

June p....................................... -7,876 1,760 145,613 143,853 -9,636 161,249 170,885 

 
 CAPITAL MOVEMENTS 

September 2005 

85

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2005 2005 2005 2005 

Country 

 Calendar 

 year 

 2004 r 

 (1) 

Jan. 

through 

June 

(2) 

Apr. 

 through 

 June p 

 (3) 

Calendar 

year 

2004 r 

(4) 

 Jan. 

 through

 June 

 (5) 

 Apr. 

 through

 June p

 (6) 

 Calendar 

 year 

 2004 r 

 (7) 

 Jan. 

 through

 June 

 (8) 

 Apr. 

 through 

 June p 

 (9) 

Calendar 

year 

2004 r 

(10) 

Jan. 

through 

June 

(11) 

Apr. 

through 

June p 

(12) 

Europe: 

Austria ............................ 701 -361 -34 -332 -47 -136 266 -34 -14 -133 -148 -82

Belgium 1 ........................ 118 -626 263 5,649 -506 39 5,838 2,712 243 -337 638 51

Bulgaria .......................... -213 -111 -23 -6 28 3 63 -3 -3 -12 -4 -2

Czech Republic............... 1,189 1,182 744 10 393 31 18 -54 -54 -12 -26 -23

Denmark ......................... -299 315 564 70 304 56 1,023 37 -86 308 110 -127

Finland............................ -68 -223 -138 255 64 85 159 2 22 -195 153 231

France ............................ -10,219 4,104 2,113 -239 865 1,138 7,608 5,384 3,329 -874 2,259 2,043

Germany......................... 8,804 9,649 4,305 -123 3,371 3,866 12,247 6,540 974 -2,367 -987 -1,295

Greece............................ -1,350 -76 -68 62 -12 - 115 42 -23 79 57 66

Hungary.......................... 230 15 -4 -3 27 27 -7 -6 45 149 -12 -17

Ireland............................. 933 -1,929 -2,062 4,224 3,382 2,122 10,222 7,036 4,382 2,144 1,671 388

Italy................................. -37 1,546 184 -278 250 114 703 -40 352 -1,698 -1,430 -700

Luxembourg 1 ................. -575 730 307 799 430 292 5,787 3,624 1,570 4,534 4,783 2,041

Netherlands .................... -3,153 -3,766 -2,718 -163 467 272 2,092 1,327 786 2,231 -319 -179

Norway ........................... 10,046 13,706 27,399 1,569 372 16 3,510 1,738 987 1,587 610 599

Poland ............................ -254 -128 -55 105 -708 -603 -33 -17 -14 2 -12 -39

Portugal .......................... 1,962 -66 250 49 -8 -14 80 12 -3 24 -83 -14

Romania ......................... 172 -246 -130 1,037 -134 -40 185 - - - - -

Russia 2 .......................... -281 2,300 728 14,783 3,729 1,280 161 6 2 -45 -45 -21

Serbia and Montenegro 

(formerly Yugoslavia) 3.... 135 17 40 - 1 - - 1 1 -3 - -

Spain .............................. -1,965 1,725 3 -374 192 109 2,047 2,580 2,094 60 27 -75

Sweden........................... 3,236 2,359 2,256 148 129 -4 1,057 -543 -413 783 399 97

Switzerland ..................... 5,342 -1,301 -3,823 3,008 -1,337 -120 3,964 2,063 1,707 -1,179 -1,400 -773

Turkey............................. 4,326 555 891 30 2 2 31 -9 -7 -27 -19 1

United Kingdom .............. 78,661 42,440 23,051 53,183 15,684 -132 107,060 65,530 37,260 15,331 10,500 2,121

Channel Islands and 

Isle of Man 4................ 1,175 -277 -2,651 575 -254 -73 5,902 7,386 5,614 -180 -80 -175

Other Europe .................. -10,222 -2,835 -471 192 -582 -357 1,930 549 436 60 166 73

Total Europe............... 88,394 68,698 50,921 84,230 26,102 7,973 172,028 105,863 59,187 20,230 16,808 4,189

Canada ............................... 16,098 11,794 5,588 5,980 6,188 3,506 6,115 598 16 1,357 493 870

Latin America: 

Argentina ........................ 415 190 42 159 23 4 391 534 285 -84 52 29

Brazil............................... 1,543 5,581 8,118 1,767 255 14 747 215 148 109 -194 9

Chile ............................... 475 -1,152 -332 -616 260 460 269 142 68 29 12 7

Colombia ........................ 214 1,489 859 139 196 -13 390 231 54 52 26 11

Ecuador .......................... -32 1 3 142 60 -59 42 153 73 -11 1 -25

Guatemala ...................... 35 314 314 49 -1 -1 3 5 - -3 -2 -2

Mexico ............................ 8,352 6,112 1,530 3,849 9,794 1,168 15,084 1,146 693 -195 -117 -9

Panama .......................... -492 -174 -59 882 164 70 733 551 328 7 111 112

Peru................................ 482 -6 -7 569 362 204 483 147 56 -101 - 4

Uruguay .......................... -29 -371 -455 332 381 295 349 262 108 108 24 -23

Venezuela....................... -15 -17 -24 351 9 11 910 397 99 60 -87 -110

Other Latin America........ 70 4 376 968 182 102 457 269 121 -69 26 -10

Total Latin America..... 11,018 11,971 10,365 8,591 11,685 2,255 19,858 4,052 2,033 -98 -148 -7

Caribbean: 

Bahamas ........................ 4,682 8,570 1,982 2,529 -405 -340 -398 -44 -7 2,386 799 1,599

Bermuda ......................... -20,155 30,632 -4,036 1,663 1,064 922 10,657 2,179 1,066 1,088 2,689 1,260

Cayman Islands.............. 18,943 5,300 -17,577 21,610 7,575 5,489 33,663 16,459 10,312 -5,463 748 -4,391

Cuba............................... - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a.

Jamaica .......................... -79 -10 5 52 106 74 400 113 65 10 3 1

Netherlands Antilles........ 11,596 33 -1,279 162 -515 -446 450 -166 -191 985 799 965

Trinidad and Tobago....... 140 -144 -158 259 85 11 105 27 10 -26 1 3

Other Caribbean ............. 7,399 -665 1,009 3,318 1,314 907 3,924 -746 424 431 -3,013 -1,843

Total Caribbean .......... 22,526 43,716 -20,054 29,593 9,224 6,617 48,801 17,822 11,679 -589 2,026 -2,406

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2005 

86

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2005 2005 2005 2005 

Country 

Calendar 

year 

2004 r 

(1) 

Jan. 

through 

June 

(2) 

Apr. 

through 

June p 

(3) 

Calendar 

year 

2004 r 

(4) 

Jan. 

through 

June 

(5) 

Apr. 

 through 

June p 

 (6) 

Calendar 

year 

2004 r 

(7) 

Jan. 

through 

June 

(8) 

Apr. 

 through 

June p 

 (9) 

Calendar 

year 

2004 r 

(10) 

Jan. 

through 

June 

(11) 

Apr. 

through 

June p 

(12) 

Asia: 

China: 

Mainland................................ 18,895 17,298 9,481 16,387 11,326 4,218 12,337 12,951 6,266 -307 -270 72

Taiwan................................... 7,155 3,869 830 3,187 4,045 2,474 1,562 895 609 -311 -271 -121

Hong Kong................................. 1,079 3,498 2,928 11,289 6,574 2,595 5,714 5,014 2,290 -782 598 364

India........................................... -127 -17 -562 11 - - 8 10 1 -159 -114 -27

Indonesia................................... 1,166 411 -234 1,693 230 -53 -74 25 12 21 -2 -3

Israel.......................................... 2,237 -165 -1,557 722 147 94 422 506 276 97 157 44

Japan......................................... 166,377 -6,475 -1,444 44,442 16,669 14,850 33,463 10,755 4,949 2,836 225 293

Korea......................................... 5,856 1,297 4,769 10,868 1,602 149 1,646 632 247 -46 -76 -100

Lebanon..................................... -4 3 -1 1 -2 - 10 7 1 -2 49 35

Malaysia .................................... 439 -379 -325 551 567 423 124 693 668 -106 -89 -39

Pakistan..................................... -297 -111 -12 24 15 1 1 -9 3 -10 1 -

Philippines ................................. 140 362 107 610 262 101 186 89 22 28 121 9

Singapore .................................. 3,469 2,632 -1,914 2,070 783 1,218 4,244 -414 396 -1,725 2,673 1,686

Syria .......................................... -10 n.a. n.a. -3 n.a. n.a. -9 n.a. n.a. 3 n.a. n.a.

Thailand..................................... -443 5,256 5,155 254 336 189 81 1 7 17 2 -15

Oil-exporting countries 5............. 9,041 -2,107 -2,508 4,353 1,670 1,126 349 347 153 6,481 1,447 670

Other Asia.................................. -199 13 -204 -33 43 39 57 -28 -19 123 -15 -14

Total Asia .............................. 214,774 25,385 14,509 96,426 44,267 27,424 60,121 31,474 15,881 6,158 4,436 2,854

Africa: 

Congo (formerly Zaire)............... -1 n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a.

Egypt ......................................... -20 2 6 13 - - 23 11 9 18 83 -44

Ghana........................................ - - - - - - - 1 1 -2 - -

Liberia........................................ -34 5 7 -431 -149 -59 261 41 7 -151 50 7

Morocco..................................... 248 249 n.a. - - n.a. 2 - n.a. 7 -2 n.a.

South Africa ............................... 31 53 18 85 -16 -6 -175 64 69 21 -15 4

Oil-exporting countries 6............. 249 -296 -1,051 299 6 3 200 5 1 -21 -1 -5

Other Africa ............................... 204 35 47 95 -11 25 140 96 1 87 -18 -16

Total Africa ............................ 677 48 -973 61 -170 -37 451 218 88 -41 97 -54

Other countries: 

Australia..................................... -2,213 -1,712 -1,392 370 379 411 1,416 2,839 1,323 347 -647 -341

New Zealand.............................. -326 -320 -206 47 -6 27 69 55 52 793 106 24

All other countries ...................... 361 13 12 220 4 4 -124 -6 - -129 -64 6

Total other countries.............. -2,178 -2,019 -1,586 637 377 442 1,361 2,888 1,375 1,011 -605 -311

Total foreign countries ....... 351,309 159,593 58,770 225,518 97,673 48,180 308,735 162,915 90,259 28,028 23,107 5,135

International and regional orgs: 

International............................... 2 1,308 1,058 385 121 8 1,206 542 332 -135 -109 -

European regional ..................... 62 -29 -29 9 7 7 125 -36 -31 -2 2 2

Latin American regional ............. 11 3 5 148 80 14 112 110 78 1 -5 -12

Caribbean regional .................... -37 -24 -4 40 18 5 -3 2 1 - - -

Asian regional............................ 634 -32 -21 217 18 -1 46 143 120 -1 2 -

African regional.......................... 47 400 405 2 -62 - 104 142 62 - - -

Middle Eastern regional ............. - - - 78 26 9 15 - - -3 4 3

Total international and regional.. 719 1,626 1,414 879 208 42 1,605 903 562 -140 -106 -7

Grand total......................... 352,028 161,219 60,184 226,397 97,881 48,222 310,340 163,818 90,821 27,888 23,001 5,128

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the 

United States are reported under “Other Europe” as follows: Beginning in December 

1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for 

the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

6

 Includes Algeria, Gabon, Libya, and Nigeria. 
 CAPITAL MOVEMENTS 

September 2005 

87

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2005, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

 Total 

 pur- 

 chases 

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financ- 

 ing Bank

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps 

and 

federally-

 spon- 

 sored 

agencies

 (3) 

 Bonds 

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

 Stocks 

 (7) 

 Total 

 sales 

 (8) 

 Market- 

 able 

 Treasury 

 and 

 Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps 

and 

federallysponsored 

agencies

(10) 

 Bonds

 (11) 

 Stocks

 (12)

 Bonds

 (13) 

 Stocks

 (14) 

Europe: 

Austria ........................................ 4,701 1,973 647 177 706 474 724 4,889 2,007 783 191 788 398 722 

Belgium 1 .................................... 19,197 3,926 7,868 1,459 3,280 389 2,275 18,578 3,663 7,829 1,216 3,229 282 2,359 

Bulgaria ...................................... 51 25 6 2 8 8 2 74 48 3 5 10 5 3 

Czech Republic........................... 10,100 9,577 156 - 219 - 148 9,358 8,833 125 54 242 21 83 

Denmark ..................................... 3,850 1,355 113 335 632 343 1,072 3,235 791 57 421 759 167 1,040 

Finland........................................ 3,318 1,799 210 44 481 37 747 3,511 1,937 125 22 250 8 1,169 

France ........................................ 316,391 213,694 4,736 7,453 71,910 3,912 14,686 309,805 211,581 3,598 4,124 69,867 5,364 15,271 

Germany..................................... 69,424 27,983 4,473 5,690 18,459 7,824 4,995 64,297 23,678 607 4,716 19,754 9,838 5,704 

Greece........................................ 1,020 73 6 49 318 25 549 1,049 141 6 72 252 23 555 

Hungary ...................................... 436 70 43 84 157 19 63 456 74 16 39 174 44 109 

Ireland......................................... 169,771 112,911 4,632 7,998 12,642 28,239 3,349 163,158 114,973 2,510 3,616 12,254 26,401 3,404 

Italy............................................. 22,731 6,859 531 486 9,210 1,872 3,773 23,695 6,675 417 134 9,910 1,661 4,898 

Luxembourg 1.............................. 30,021 10,119 3,405 3,997 7,037 4,054 1,409 24,198 9,812 3,113 2,427 4,996 2,291 1,559 

Netherlands ................................ 32,528 12,898 2,713 1,612 8,279 1,916 5,110 33,720 15,616 2,441 826 8,458 1,311 5,068 

Norway ....................................... 107,562 91,001 7,193 2,442 3,787 1,215 1,924 78,208 63,602 7,177 1,455 3,188 1,112 1,674 

Poland ........................................ 2,393 1,784 224 18 112 96 159 3,124 1,839 827 32 151 106 169 

Portugal ...................................... 4,311 3,283 244 25 427 94 238 4,115 3,033 258 28 441 33 322 

Romania ..................................... 1,193 927 - - - 18 248 1,113 1,057 40 - - 7 9 

Russia 2 ...................................... 9,016 1,966 5,874 2 443 271 460 7,481 1,238 4,594 - 464 634 551 

Serbia and Montenegro (formerly

Yugoslavia) 3 .......................... 196 195 - 1 - - - 155 155 - - - - - 

Spain .......................................... 29,910 6,105 1,840 16,348 1,294 1,722 2,601 27,676 6,102 1,731 14,254 1,369 1,549 2,671 

Sweden....................................... 25,137 10,898 1,646 300 5,245 250 6,798 24,214 8,642 1,650 713 5,148 378 7,683 

Switzerland ................................. 38,127 8,634 1,639 3,669 15,697 1,876 6,612 42,737 12,457 1,759 1,962 16,470 2,141 7,948 

Turkey......................................... 4,907 4,059 3 48 34 251 512 5,031 3,168 1 55 33 1,426 348 

United Kingdom ..........................2,030,999 1,172,441 42,860 149,162 296,088 174,239 196,209 1,988,276 1,149,390 42,992 111,902 293,967 192,791 197,234 

Channel Islands and Isle of Man 4..... 21,487 1,287 433 10,609 4,132 4,110 916 19,092 3,938 506 4,995 4,307 4,476 870 

Other Europe .............................. 14,864 7,051 435 845 1,573 1,637 3,323 15,731 7,522 792 409 1,500 1,792 3,716 

Total Europe...........................2,973,641 1,712,893 91,930 212,855 462,170 234,891 258,902 2,876,976 1,661,972 83,957 153,668 457,981 254,259 265,139 

Canada............................................ 231,141 125,946 10,671 6,786 24,528 37,282 25,928 220,010 120,358 7,165 6,770 23,658 36,767 25,292 

Latin America: 

Argentina .................................... 3,017 459 77 399 808 680 594 2,694 417 73 114 779 678 633 

Brazil........................................... 23,983 18,425 232 298 664 1,665 2,699 17,959 10,307 218 150 655 3,228 3,401 

Chile ........................................... 5,135 2,750 624 243 424 733 361 5,267 3,082 164 175 417 1,022 407 

Colombia..................................... 5,121 2,373 199 176 297 1,951 125 4,477 1,514 212 122 286 2,286 57 

Ecuador ...................................... 919 54 60 189 39 104 473 1,009 51 119 116 64 150 509 

Guatemala .................................. 442 393 - 5 16 26 2 160 79 1 5 18 54 3 

Mexico ........................................ 16,645 4,376 2,583 1,407 1,627 3,810 2,842 14,492 2,846 1,415 714 1,636 4,926 2,955 

Panama ...................................... 3,965 646 1,252 574 651 564 278 3,585 705 1,182 246 539 665 248 

Peru............................................ 863 16 217 91 108 338 93 538 23 13 35 104 254 109 

Uruguay ...................................... 2,370 530 377 163 349 783 168 2,820 985 82 55 372 1,165 161 

Venezuela................................... 2,038 221 51 299 576 669 222 2,515 245 40 200 686 1,172 172 

Other Latin America 5.................. 5,317 4,297 134 196 159 495 36 4,679 3,921 32 75 169 432 50 

Total Latin America................. 69,815 34,540 5,806 4,040 5,718 11,818 7,893 60,195 24,175 3,551 2,007 5,725 16,032 8,705 

Caribbean: 

Bahamas..................................... 108,926 74,264 956 1,690 24,150 4,048 3,818 104,919 72,282 1,296 1,697 22,551 3,885 3,208 

Bermuda ..................................... 361,242 163,407 7,995 8,350 153,786 4,893 22,811 362,865 167,443 7,073 7,284 152,526 4,836 23,703 

Cayman Islands 6........................ 705,536 235,450 64,919 54,670 261,960 47,367 41,170 702,691 253,027 59,430 44,358 266,351 36,996 42,529 

Cuba ........................................... - - - - - - - - - - - - - - 

Jamaica ...................................... 650 5 140 93 17 394 1 465 - 66 28 16 355 - 

Netherlands Antilles.................... 24,629 10,441 239 233 10,601 946 2,169 25,997 11,720 685 424 9,636 1,033 2,499 

Trinidad and Tobago................... 1,143 390 411 21 20 292 9 1,254 548 400 11 17 269 9 

Other Caribbean 5 ....................... 190,400 56,696 2,086 7,396 100,794 3,346 20,082 190,935 55,687 1,179 6,972 102,637 3,409 21,051 

Total Caribbean......................1,392,526 540,653 76,746 72,453 551,328 61,286 90,060 1,389,126 560,707 70,129 60,774 553,734 50,783 92,999 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2005 

88

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2005, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

 Total pur- 

 chases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

 Bonds 

 of U.S. 

 Gov’t 

corps and

federally- 

 spon- 

 sored 

 agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

 Total 

 sales 

 (8) 

Marketable 

Treasury 

and 

Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

 Bonds 

 of U.S. 

 Gov’t 

corps and 

federallysponsored 

agencies 

 (10) 

 Bonds 

 (11) 

 Stocks 

 (12) 

 Bonds

 (13) 

 Stocks

 (14) 

Asia: 

China: 

Mainland...................... 72,742 46,286 15,044 7,379 675 2,994 364 50,816 36,805 10,826 1,113 603 903 566

Taiwan......................... 12,874 3,007 3,629 894 1,920 845 2,579 10,876 2,177 1,155 285 2,041 683 4,535

Hong Kong ...................... 62,977 25,208 7,784 3,937 2,733 3,302 20,013 55,862 22,280 5,189 1,647 2,369 3,369 21,008

India ................................ 2,442 166 - 3 55 10 2,208 4,410 728 - 2 82 61 3,537

Indonesia......................... 1,133 414 35 15 75 101 493 1,321 648 88 3 78 100 404

Israel ............................... 5,410 1,628 238 801 1,742 157 844 6,912 3,185 144 525 1,698 61 1,299

Japan .............................. 298,288 161,845 35,963 9,230 12,925 26,048 52,277 276,501 163,289 21,113 4,281 12,632 22,308 52,878

Korea............................... 25,973 16,070 2,772 937 75 1,845 4,274 19,848 11,301 2,623 690 175 744 4,315

Lebanon .......................... 221 5 4 4 168 31 9 186 6 4 3 133 12 28

Malaysia .......................... 4,393 1,856 646 763 134 210 784 3,765 2,181 223 95 173 257 836

Pakistan........................... 55 14 1 8 22 - 10 111 26 - 5 22 1 57

Philippines....................... 3,346 1,595 841 81 119 511 199 3,822 1,488 740 59 110 1,193 232

Singapore........................ 42,129 20,545 2,193 2,391 7,548 2,588 6,864 39,961 22,459 975 1,995 5,862 1,509 7,161

Syria ................................ - -- - - -- - - - - - - -

Thailand........................... 7,697 6,695 200 11 105 26 660 2,651 1,540 11 4 120 304 672

Other Asia ....................... 15,847 5,245 2,484 675 5,398 1,366 679 16,183 7,957 1,319 541 4,742 1,001 623

Total Asia .................... 555,527 290,579 71,834 27,129 33,694 40,034 92,257 493,225 276,070 44,410 11,248 30,840 32,506 98,151

Africa: 

Congo (formerly Zaire)..... - -- - - -- - - - - - - -

Egypt ............................... 516 20 - 10 199 16 271 569 14 - 1 243 25 286

Ghana ............................. 1 -- 1 - -- 1 - - - - - 1

Liberia ............................. 1,090 9 60 59 807 15 140 1,126 2 119 52 800 12 141

Morocco........................... 53 5 - - 38 4 6 57 5 - - 38 - 14

South Africa..................... 994 32 1 76 86 220 579 1,267 14 7 7 82 279 878

Other Africa ..................... 1,389 861 58 72 113 144 141 2,397 1,865 30 70 134 137 161

Total Africa .................. 4,043 927 119 218 1,243 399 1,137 5,417 1,900 156 130 1,297 453 1,481

Other countries: 

Australia .......................... 38,029 13,384 1,619 1,827 3,116 4,530 13,553 42,865 14,776 1,208 504 3,457 9,096 13,824

New Zealand ................... 1,503 528 112 67 156 314 326 1,677 734 85 15 132 308 403

All other countries............ 619 91 31 8 174 214 101 469 79 27 8 168 73 114

Total other countries.... 40,151 14,003 1,762 1,902 3,446 5,058 13,980 45,011 15,589 1,320 527 3,757 9,477 14,341

Total foreign countries..

5,266,844 2,719,541 258,868 325,383 1,082,127 390,768 490,157 5,089,960 2,660,771 210,688 235,124 1,076,992 400,277 506,108

International and 

 regional orgs: 

International..................... 4,617 3,377 58 708 389 67 18 3,346 2,319 50 376 389 143 69

European regional ........... 473 3 18 96 2 122 232 4,107 32 11 127 - 3,658 279

Latin American regional... 261 5 29 85 90 52 - 125 - 15 7 102 1 -

Caribbean regional .......... 10 4 5 1 - - - 8 8 - - - - -

Asian regional.................. 180 30 - 129 5 15 1 69 51 1 9 5 3 -

African regional................ 715 547 7 158 - 3 - 245 142 7 96 - - -

Middle Eastern regional... 25 - 9 - 13 - 3 10 - - - 10 - -

Total international 

 and regional............. 6,281 3,966 126 1,177 499 259 254 7,910 2,552 84 615 506 3,805 348

Grand total ..............5,273,125 2,723,507 258,994 326,560 1,082,626 391,027 490,411 5,097,870 2,663,323 210,772 235,739 1,077,498 404,082 506,456

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other 

Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia 

and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav 

Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data 

series. 
 CAPITAL MOVEMENTS 

September 2005 

89

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2004 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

 Total 

 sales 

 (8) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financ- 

 ing Bank

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

Stocks 

(12) 

 Bonds 

 (13) 

Stocks

 (14) 

Europe: 

Austria ................................ 18,075 9,738 1,538 768 3,195 1,762 1,074 17,602 9,037 1,870 502 3,328 1,453 1,412

Belgium 1 ............................ 100,701 27,250 40,194 7,832 12,631 3,896 8,898 88,580 27,132 34,545 1,994 12,968 2,936 9,005

Bulgaria .............................. 397 248 20 77 31 15 6 551 461 26 14 43 7 -

Czech Republic................... 30,064 28,024 700 53 719 305 263 28,514 26,835 690 35 731 41 182

Denmark ............................. 25,899 12,951 2,787 2,566 3,713 1,191 2,691 25,340 13,250 2,717 1,543 3,405 1,610 2,815

Finland................................ 9,422 4,472 571 390 1,900 240 1,849 9,133 4,540 316 231 2,095 153 1,798

France ................................ 1,055,338 573,751 4,956 21,913 388,821 18,626 47,271 1,064,415 583,970 5,195 14,305 389,695 20,252 50,998

Germany............................. 301,974 138,389 5,589 24,191 71,753 43,261 18,791 285,173 129,585 5,712 11,944 74,120 42,595 21,217

Greece................................ 6,232 3,263 134 160 1,039 414 1,222 7,793 4,613 72 45 960 530 1,573

Hungary .............................. 1,909 738 41 111 392 160 467 1,286 508 44 118 243 61 312

Ireland................................. 494,775 377,387 20,815 26,497 41,365 12,379 16,332 472,528 376,454 16,591 16,275 39,221 9,650 14,337

Italy..................................... 84,008 22,700 3,554 1,591 38,182 8,239 9,742 86,159 22,737 3,832 888 39,880 7,147 11,675

Luxembourg 1 ..................... 81,677 18,568 14,919 11,655 23,137 6,463 6,935 68,584 19,143 14,120 5,868 18,603 4,008 6,842

Netherlands ........................ 148,254 67,831 6,601 8,525 41,751 5,585 17,961 147,250 70,984 6,764 6,433 39,520 5,862 17,687

Norway ............................... 312,764 275,343 10,075 4,950 11,836 6,613 3,947 296,118 265,297 8,506 1,440 10,249 6,240 4,386

Poland ................................ 6,161 4,315 458 10 261 810 307 6,206 4,569 353 43 259 620 362

Portugal .............................. 22,582 18,785 803 163 1,307 642 882 20,259 16,823 754 83 1,283 430 886

Romania ............................. 7,087 5,051 1,260 269 21 486 - 5,425 4,879 223 84 21 218 -

Russia 2 .............................. 26,758 2,034 21,080 222 715 947 1,760 12,205 2,315 6,297 61 760 1,207 1,565

Serbia and Montenegro 

(formerly Yugoslavia) 3 ... 986 935 - - 2 49 - 843 800 - - 5 31 7

Spain .................................. 78,311 24,503 2,832 27,558 8,123 7,324 7,971 81,077 26,468 3,206 25,511 8,063 7,862 9,967

Sweden............................... 105,240 53,573 14,956 1,597 22,466 1,266 11,382 107,739 50,337 14,808 540 21,683 1,791 18,580

Switzerland ......................... 177,404 58,158 8,730 12,447 63,201 9,643 25,225 163,647 52,816 5,722 8,483 64,380 7,705 24,541

Turkey................................. 16,849 14,258 53 89 141 1,170 1,138 13,631 9,932 23 58 168 2,086 1,364

United Kingdom.................. 6,480,326 3,376,721 188,611 475,127 1,003,360 768,506 668,001 6,330,837 3,298,060 135,428 368,067 988,029 837,941 703,312

Channel Islands and Isle 

 of Man 4........................... 62,045 9,865 1,660 23,972 14,236 8,828 3,484 55,592 8,690 1,085 18,070 14,416 9,795 3,536

Other Europe ...................... 57,459 24,937 5,687 2,875 4,762 6,398 12,800 65,565 35,159 5,495 945 4,702 5,674 13,590

Total Europe................... 9,712,697 5,153,788 358,624 655,608 1,759,060 915,218 870,399 9,462,052 5,065,394 274,394 483,580 1,738,830 977,905 921,949

Canada ................................... 747,124 421,581 16,815 24,444 92,707 113,225 78,352 718,895 405,483 10,835 18,329 91,350 113,788 79,110

Latin America: Argentina ............................ 12,632 1,604 617 1,076 4,185 3,170 1,980 10,615 1,189 458 685 4,269 2,251 1,763

Brazil................................... 74,499 44,779 2,921 1,747 2,624 14,641 7,787 70,887 43,236 1,154 1,000 2,515 14,129 8,853

Chile ................................... 19,685 10,466 1,514 884 1,692 3,739 1,390 18,591 9,991 2,130 615 1,663 3,001 1,191

Colombia ............................ 10,044 3,441 1,140 891 1,104 3,240 228 9,650 3,227 1,001 501 1,052 3,620 249

Ecuador .............................. 2,763 225 454 607 758 215 504 2,617 257 312 565 769 163 551

Guatemala .......................... 940 41 92 26 95 658 28 718 6 43 23 98 515 33

Mexico ................................ 92,595 26,792 14,121 17,362 6,040 17,277 11,003 62,797 18,440 10,272 2,278 6,235 16,598 8,974

Panama .............................. 13,145 1,540 3,161 1,736 2,460 2,620 1,628 12,151 2,032 2,279 1,003 2,453 3,437 947

Peru.................................... 3,921 749 853 722 380 899 318 2,464 267 284 239 481 856 337

Uruguay .............................. 9,384 2,426 588 747 1,752 3,096 775 8,242 2,455 256 398 1,644 2,851 638

Venezuela........................... 11,160 1,065 1,230 1,794 3,144 3,058 869 10,328 1,080 879 884 3,084 3,563 838

Other Latin America 5.......... 12,597 7,076 1,344 888 892 2,220 177 10,733 7,006 376 431 961 1,813 146

Total Latin America ........ 263,365 100,204 28,035 28,480 25,126 54,833 26,687 219,793 89,186 19,444 8,622 25,224 52,797 24,520

Caribbean: 

Bahamas ............................ 349,031 185,877 11,585 18,961 86,132 26,419 20,057 339,896 181,195 9,056 19,359 83,746 25,357 21,183

Bermuda ............................. 1,246,012 566,404 99,588 51,369 445,951 26,161 56,539 1,251,688 586,559 97,925 40,712 444,863 25,893 55,736

Cayman Islands 6................ 2,648,938 840,675 404,861 253,851 857,426 131,876 160,249 2,573,011 821,732 383,251 220,188 862,889 130,264 154,687

Cuba................................... - - - - - - - - - - - - - -

Jamaica .............................. 2,311 376 634 500 51 727 23 1,792 455 582 100 41 591 23

Netherlands Antilles............ 144,768 69,117 1,001 2,483 57,601 4,234 10,332 131,514 57,521 839 2,033 56,616 3,810 10,695

Trinidad and Tobago........... 3,477 1,477 986 168 145 674 27 2,882 1,337 727 63 171 567 17

Other Caribbean 5 ............... 907,850 288,422 9,254 33,893 495,777 10,292 70,212 891,058 281,023 5,936 29,969 495,346 10,724 68,060

Total Caribbean.............. 5,302,387 1,952,348 527,909 361,225 1,943,083 200,383 317,439 5,191,841 1,929,822 498,316 312,424 1,943,672 197,206 310,401

See footnotes at end of table. 
90 CAPITAL MOVEMENTS

September 2005 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2004, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financing Bank 

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federally- 

 spon- 

 sored 

 agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds 

 (6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

 Bonds

 (13)

 Stocks 

 (14) 

Asia: 

China: 

Mainland................... 274,192 190,141 61,282 13,942 2,148 5,548 1,131 224,100 171,246 44,895 1,605 2,455 2,158 1,741

Taiwan...................... 52,544 20,239 11,839 2,305 5,826 3,421 8,914 41,799 13,084 8,652 743 6,137 1,160 12,023

Hong Kong ................... 243,532 102,596 26,625 9,713 12,706 16,977 74,915 221,339 101,517 15,336 3,999 13,488 14,045 72,954

India ............................. 15,070 8,572 21 67 223 530 5,657 15,640 8,699 10 59 382 15 6,475

Indonesia...................... 10,973 5,812 3,381 16 331 474 959 8,201 4,646 1,688 90 310 361 1,106

Israel ............................ 32,614 16,910 1,341 2,168 7,534 430 4,231 30,375 14,673 619 1,746 7,437 1,667 4,233

Japan ........................... 1,193,831 700,988 112,661 52,138 47,746 99,774 180,524 967,353 534,611 68,219 18,675 44,910 87,247 213,691

Korea............................ 102,709 55,862 25,221 2,537 575 5,323 13,191 84,483 50,006 14,353 891 621 3,898 14,714

Lebanon ....................... 626 9 7 17 478 56 59 652 13 6 7 480 94 52

Malaysia ....................... 13,220 7,949 1,098 179 390 1,253 2,351 12,492 7,510 547 55 496 426 3,458

Pakistan........................ 446 158 69 56 82 20 61 716 455 45 55 92 12 57

Philippines.................... 7,037 2,746 1,792 347 467 1,325 360 7,614 2,606 1,182 161 439 2,812 414

Singapore..................... 164,061 79,364 9,219 11,917 24,321 15,622 23,618 147,063 75,895 7,149 7,673 26,046 6,693 23,607

Syria ............................. 19 4 1 - 13 - 1 39 14 4 9 10 1 1

Thailand........................ 6,256 3,014 693 105 384 181 1,879 6,451 3,457 439 24 367 167 1,997

Other Asia .................... 73,907 28,215 10,565 2,809 24,757 3,628 3,933 52,833 19,373 6,245 2,403 18,153 3,286 3,373

Total Asia ................. 2,191,037 1,222,579 265,815 98,316 127,981 154,562 321,784 1,821,150 1,007,805 169,389 38,195 121,823 124,042 359,896

Africa: 

Congo (formerly Zaire).... - - - - - - - 1 1-- - - -

Egypt ............................ 1,327 132 50 114 573 169 289 1,293 152 37 91 555 65 393

Ghana .......................... 29 - - - - - 29 26 - - - 2 - 24

Liberia .......................... 4,562 6 2,746 333 970 105 402 5,069 40 3,177 72 1,121 95 564

Morocco........................ 404 248 - 2 69 56 29 128 - - - 62 32 34

South Africa.................. 4,967 1,418 120 352 484 622 1,971 5,299 1,387 35 527 463 745 2,142

Other Africa .................. 6,213 1,596 611 478 679 1,844 1,005 2,947 1,143 217 138 613 231 605

Total Africa ............... 17,502 3,400 3,527 1,279 2,775 2,796 3,725 14,763 2,723 3,466 828 2,816 1,168 3,762

Other countries: 

Australia ....................... 132,919 59,320 4,163 3,799 12,381 10,085 43,171 137,399 61,533 3,793 2,383 12,034 12,457 45,199

New Zealand ................ 5,653 874 224 224 1,571 1,604 1,156 5,545 1,200 177 155 778 2,070 1,165

All other countries......... 5,347 2,078 578 495 847 966 383 4,740 1,717 358 619 976 589 481

Total other countries. 143,919 62,272 4,965 4,518 14,799 12,655 44,710 147,684 64,450 4,328 3,157 13,788 15,116 46,845

Total foreign 

 countries........... 18,378,031 8,916,172 1,205,690 1,173,870 3,965,531 1,453,672 1,663,096 17,576,178 8,564,863 980,172 865,135 3,937,503 1,482,022 1,746,483

International and 

 regional orgs.: 

International ..................... 18,633 12,065 1,531 1,739 1,087 2,187 24 17,799 12,063 1,146 533 1,222 2,792 43

European regional ............ 1,942 203 33 231 3 633 839 2,023 141 24 106 5 721 1,026

Latin American regional...... 1,026 48 297 282 314 85 - 725 37 149 170 313 56 -

Caribbean regional ........... 62 - 60 - - 2 - 60 37 20 3 - - -

Asian regional................... 8,757 7,025 1,648 47 3 33 1 7,855 6,391 1,431 1 4 26 2

African regional................. 209 56 43 104 - 5 1 51 9 41 - - 1 -

Middle Eastern regional .... 136 - 79 15 37 - 5 44 - 1 - 40 - 3

 Total international 

 and regional............ 30,765 19,397 3,691 2,418 1,444 2,945 870 28,557 18,678 2,812 813 1,584 3,596 1,074

 Grand total.............. 18,408,796 8,935,569 1,209,381 1,176,288 3,966,975 1,456,617 1,663,966 17,604,735 8,583,541 982,984 865,948 3,939,087 1,485,618 1,747,557

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other 

Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other 

entities of the former Yugoslavia recognized as independent states by the United States are 

reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and 

Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav 

Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were 

reported as combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the 

data series. 
 CAPITAL MOVEMENTS 

September 2005 

91

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2002 2003 2004 

 2005 

Jan. - June

2005 

Apr. - June 

United Kingdom............................... 186,691 169,451 254,235 134,154 62,300 

All other Europe .............................. 57,064 114,326 110,647 83,317 59,970 

Caribbean banking centers 1,2......... 76,144 78,538 85,528 76,369 -4,221 

Japan............................................... 91,412 176,587 247,118 21,174 18,648 

All other Asia ................................... 109,314 116,980 130,361 84,388 42,020 

Subtotal ....................................... 520,625 655,882 827,889 399,402 178,717 

All other countries ........................... 26,940 65,993 88,764 46,517 25,638 

Grand total .................................. 547,565 721,875 916,653 445,919 204,355 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

The data on this page represent 

foreign investors’ purchases 

and sales of long-term U.S. 

securities (that is, U.S. 

Treasury and Government 

agency bonds and notes, and 

U.S. corporate bonds and 

stocks) as reported to the TIC 

reporting system. Foreign 

investors also acquired U.S. 

equities through mergers and 

reincorporations that involve 

stock swaps. Net foreign 

acquisitions of U.S. equities 

through stock swaps have been 

modest, amounting to about $7 

billion in both 2001 and 2002, 

$2 billion in 2003, $36 billion 

in 2004, and $4 billion in the 

first half of 2005. (Stock swaps 

data for the most recent quarter 

are Federal Reserve 

Board/Treasury estimates and 

are subject to substantial 

revisions.) These stock swaps 

and certain other adjustments 

are not reported under the TIC 

reporting system, but are now 

available on the TIC web site. 

Annual net foreign purchases of 

U.S. securities first surpassed 

$100 billion in 1993. In 2004, 

net acquisitions (including 

stock swaps) of U.S. securities 

totaled a record $953 billion. 

At $450 billion, net acquisitions 

in the first half of 2005 have 

continued at about the same 

pace as in 2004. 

-50

0

50

100

150

200

250

300

350

400

2002 2003 2004 2005

Jan.-June

2005

Apr.-June

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net purchases 

during 2005 w ith those in prior years, the chart 

depicts data for all periods at an annualized rate.
92 CAPITAL MOVEMENTS

September 2005 

The data on this page represent 

U.S. investors’ purchases and sales 

of long-term foreign securities as 

reported to the TIC reporting 

system. However, in the past 

several years, U.S. investors also 

have acquired a substantial amount 

of foreign stocks, mostly 

European, through mergers that 

involve stock swaps. In addition, 

when foreign firms reincorporate 

in the United States, the associated 

stock swap reduces U.S. holdings 

of foreign equity. Net acquisitions 

through stock swaps amounted to 

$80 billion in 2000, $47 billion in 

2001, $3 billion in 2002, $17 

billion in 2003, -$12 billion in 

2004, and $2 billion in the first 

half of 2005. (Stock swaps data for 

the most recent quarter are Federal 

Reserve Board/Treasury estimates 

and are subject to substantial 

revisions.) These stock swaps are 

not reported under the TIC 

reporting system, but are now 

available on the TIC web site. 

Including the stock swaps, annual 

U.S. net purchases of long-term 

foreign securities averaged about 

$100 billion from the mid-1990s 

through 2000, without much 

variation from year to year. U.S. 

investors’ acquisitions of foreign 

securities (including stock swaps) 

then slowed over the 2001-2003 

period before rebounding to $100 

billion in 2004 and another $63 

billion in the first half of 2005. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

 

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2001 2002 2003 2004 

2005 

Jan. - June 

2005 

Apr. - June 

Foreign bonds ........ -30,502 -28,492 -19,152 29,001 9,698 13,055

Foreign stocks........ 50,113 1,493 88,587 83,591 50,904 16,045

Total ..................... 19,611 -26,999 69,435 112,592 60,602 29,100

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

-50

0

50

100

150

200

 2001 2002 2003 2004 2005

Jan.-June

2005

Apr.-June

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2005

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.
September 2005 

93

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

September 2005

94 

SECTION I.—Canadian Dollar Positions 

TABLE FCP-I-1.—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

01/05/05 .................................................................... 434,552 431,742 -3,168 1.2239 

01/12/05 .................................................................... 449,632 446,750 -2,967 1.1987 

01/19/05 .................................................................... 436,519 436,524 -2,551 1.2275 

01/26/05 .................................................................... 435,397 432,112 -2,369 1.2312 

 

02/02/05 .................................................................... 429,523 427,307 -2,933 1.2414 

02/09/05 .................................................................... 430,756 426,908 -2,942 1.2513 

02/16/05 .................................................................... 436,983 424,706 -3,471 1.2421 

02/23/05 .................................................................... 449,741 434,432 -3,693 1.2404 

 

03/02/05 .................................................................... 452,794 450,581 -2,837 1.2398 

03/09/05 .................................................................... 488,389 485,075 -2,795 1.2065 

03/16/05 .................................................................... 413,916 411,007 -3,870 1.2043 

03/23/05 .................................................................... 427,967 423,957 -3,447 1.2135 

03/30/05 .................................................................... 425,173 423,788 -3,479 1.2168 

 

04/06/05 .................................................................... 418,688 417,338 -2,818 1.2217 

04/13/05 .................................................................... 427,162 426,551 -2,497 1.2368 

04/20/05 .................................................................... 438,366 436,132 -2,184 1.2394 

04/27/05 .................................................................... 462,355 454,914 -2,521 1.2468 

 

05/04/05 .................................................................... 454,085 451,534 -2,417 1.2505 

05/11/05 .................................................................... 455,245 453,333 -2,234 1.2476 

05/18/05 .................................................................... 455,848 454,443 -1,304 1.2620 

05/25/05 .................................................................... 472,213 470,435 -980 1.2642 

 

06/01/05 .................................................................... 489,257 488,259 -1,081 1.2473 

06/08/05 .................................................................... 498,637 497,498 -177 1.2441 

06/15/05 .................................................................... 445,705 444,399 731 1.2399 

06/22/05 .................................................................... 423,425 424,043 554 1.2354 

06/29/05 .................................................................... 433,955 436,170 379 1.2264 

 
FOREIGN CURRENCY POSITIONS 

September 2005 

95

SECTION I.—Canadian Dollar Positions, con. 

TABLE FCP-I-2.—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 313,637 309,627 85,780 86,978 38,202 44,315 39,474 33,245 -2,240 1.5729 

2003 - Dec................... 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 

2004 - July................... 418,277 428,665 103,202 96,564 57,522 60,571 53,728 53,439 -841 1.3297 

Aug .................. 443,468 450,360 101,805 94,516 56,456 62,812 57,576 54,226 -918 1.3131 

Sept................. 417,096 425,183 101,813 95,009 54,836 57,879 57,729 54,101 158 1.2619 

Oct................... 467,038 478,024 105,864 96,364 61,269 69,845 63,039 55,069 -2,852 1.2212 

Nov .................. 502,398 512,727 132,946 99,665 64,872 69,313 61,691 61,384 -918 1.1903 

Dec .................. 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 

2005 - Jan ................... 430,788 432,654 120,759 101,894 57,617 65,659 62,650 62,309 -2,397 1.2406 

Feb .................. 463,409 464,011 117,701 107,786 55,301 63,886 59,477 56,845 -2,910 1.2298 

Mar .................. 418,173 418,758 118,320 109,973 59,256 65,599 63,753 61,384 -3,111 1.2097 

Apr................... 460,570 461,436 116,407 107,377 58,883 66,432 59,200 56,823 -1,922 1.2570 

May.................. 484,466 485,145 120,346 113,012 58,962 72,958 85,041 78,961 -1,054 1.2512 

June................. 421,895 425,778 120,893 114,235 59,535 70,588 84,405 82,327 16 1.2257 

 

TABLE FCP-I-3.—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729 

2003 - Mar................... 45,629 50,134 53,084 41,777 750 1,069 1,461 1,491 -2 1.4680 

June................. 28,134 34,279 60,747 49,932 1,011 1,440 1,478 1,792 68 1.3478 

Sept................. 27,882 36,685 59,073 43,044 n.a. 556 1,251 726 12 1.3499 

Dec .................. 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 

2004 - Mar................... 30,877 41,235 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 

June................. 30,322 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 

Sept................. 24,725 34,609 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 

Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 

2005 - Mar................... 26,156 32,898 101,524 n.a. 154 n.a. 2,534 1,093 -738 1.2097 

 
FOREIGN CURRENCY POSITIONS 

September 2005

96 

SECTION II.—Japanese Yen Positions 

TABLE FCP-II-1.—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

01/05/05 .................................................................. 192,209 195,218 678 103.96 

01/12/05 .................................................................. 199,210 202,900 618 102.34 

01/19/05 .................................................................. 203,713 206,345 223 102.55 

01/26/05 .................................................................. 202,955 206,190 365 102.93 

 

02/02/05 .................................................................. 200,086 202,124 324 104.07 

02/09/05 .................................................................. 206,335 208,486 248 105.86 

02/16/05 .................................................................. 212,614 214,914 346 105.62 

02/23/05 .................................................................. 209,136 211,054 206 105.01 

 

03/02/05 .................................................................. 208,156 210,324 201 104.73 

03/09/05 .................................................................. 220,647 223,254 282 103.90 

03/16/05 .................................................................. 193,639 196,103 130 104.11 

03/23/05 .................................................................. 199,244 202,234 -22 105.77 

03/30/05 .................................................................. 198,523 200,543 145 107.34 

 

04/06/05 .................................................................. 193,761 196,152 344 108.69 

04/13/05 .................................................................. 197,726 200,896 710 107.35 

04/20/05 .................................................................. 199,645 202,724 880 106.84 

04/27/05 .................................................................. 208,250 211,310 838 106.00 

 

05/04/05 .................................................................. 221,393 224,499 1,018 104.78 

05/11/05 .................................................................. 214,169 218,003 833 105.75 

05/18/05 .................................................................. 214,773 218,854 579 107.07 

05/25/05 .................................................................. 214,471 217,007 618 107.75 

 

06/01/05 .................................................................. 227,460 230,217 508 108.42 

06/08/05 .................................................................. 229,837 232,226 411 106.90 

06/15/05 .................................................................. 212,462 215,218 656 109.35 

06/22/05 .................................................................. 216,301 220,308 741 108.90 

06/29/05 .................................................................. 216,883 220,618 779 110.28 

 
FOREIGN CURRENCY POSITIONS 

September 2005 

97

SECTION II.—Japanese Yen Positions, con. 

TABLE FCP-II-2.—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2002 - Dec................... 172,436 174,874 35,743 36,564 26,486 24,120 31,305 32,826 623 118.81 

2003 - Dec................... 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 

2004 - July................... 200,532 203,751 44,401 43,580 45,076 47,401 48,456 46,713 388 111.24 

Aug .................. 207,152 210,302 41,789 40,213 44,656 46,638 48,856 48,024 451 109.26 

Sept................. 198,640 201,450 43,590 43,604 45,464 47,341 47,335 46,453 266 110.04 

Oct................... 211,989 215,180 45,916 43,878 60,567 62,386 47,233 46,319 760 106.05 

Nov .................. 212,017 214,288 40,997 40,153 64,432 64,842 49,123 49,570 1,469 103.05 

Dec .................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 

2005 - Jan ................... 218,329 221,044 45,228 42,013 63,038 64,705 53,867 52,278 140 103.57 

Feb .................. 227,481 230,528 45,394 45,323 59,963 63,005 53,570 50,726 65 104.27 

Mar .................. 214,412 217,078 43,661 45,062 59,379 61,810 53,329 50,800 7 107.25 

Apr................... 234,852 238,074 43,931 44,599 50,692 53,153 53,617 52,489 816 104.65 

May.................. 214,316 217,173 47,069 48,109 53,640 54,936 53,512 53,419 695 108.00 

June................. 237,680 241,018 50,062 50,386 49,583 50,689 54,139 54,634 777 110.92 

 

TABLE FCP-II-3.—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2002 - Dec................... 10,390 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 

2003 - Mar................... 11,975 12,499 4,424 3,828 n.a. n.a. n.a. n.a. -462 118.01 

June................. 11,580 13,067 4,934 3,557 n.a. n.a. n.a. n.a. -633 119.75 

Sept................. 11,532 12,147 4,850 3,108 662 776 1,249 725 52 111.50 

Dec .................. 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 

2004 - Mar................... 10,972 11,825 5,426 2,958 648 768 1,014 505 70 104.33 

June................. 9,575 9,941 5,598 3,601 428 497 741 367 92 108.88 

Sept................. 7,025 7,853 4,498 2,550 487 562 703 461 -155 110.04 

Dec .................. 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 

2005 - Mar................... 6,673 7,384 5,620 3,017 307 297 544 264 n.a. 107.25 

 
FOREIGN CURRENCY POSITIONS 

September 2005

98 

SECTION III.—Swiss Franc Positions 

TABLE FCP-III-1.—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

01/05/05 .................................................................. 532,382 542,966 1,367 1.1679 

01/12/05 .................................................................. 549,055 556,906 682 1.1653 

01/19/05 .................................................................. 577,264 583,835 2,083 1.1836 

01/26/05 .................................................................. 586,005 591,389 1,544 1.1832 

 

02/02/05 .................................................................. 574,502 583,692 1,339 1.1950 

02/09/05 .................................................................. 593,095 599,516 642 1.2175 

02/16/05 .................................................................. 608,087 614,742 682 1.1911 

02/23/05 .................................................................. 637,976 646,898 1,763 1.1644 

 

03/02/05 .................................................................. 627,213 638,234 2,375 1.1759 

03/09/05 .................................................................. 657,253 665,053 2,365 1.1610 

03/16/05 .................................................................. 474,333 482,928 2,275 1.1525 

03/23/05 .................................................................. 476,703 486,088 1,915 1.1957 

03/30/05 .................................................................. 468,539 478,932 2,232 1.1968 

 

04/06/05 .................................................................. 454,734 463,488 2,022 1.2064 

04/13/05 .................................................................. 464,852 474,388 2,831 1.2003 

04/20/05 .................................................................. 520,195 530,735 3,238 1.1802 

04/27/05 .................................................................. 526,231 533,418 3,124 1.1922 

 

05/04/05 .................................................................. 495,677 503,095 3,480 1.1930 

05/11/05 .................................................................. 505,008 512,187 3,781 1.2068 

05/18/05 .................................................................. 519,642 527,553 4,190 1.2192 

05/25/05 .................................................................. 550,419 557,371 n.a. 1.2267 

 

06/01/05 .................................................................. 599,627 603,552 548 1.2531 

06/08/05 .................................................................. 625,143 631,760 1,740 1.2460 

06/15/05 .................................................................. 542,400 555,321 1,868 1.2713 

06/22/05 .................................................................. 559,732 570,705 1,736 1.2713 

06/29/05 .................................................................. 539,426 547,874 915 1.2788 

 
FOREIGN CURRENCY POSITIONS 

September 2005 

99

SECTION III.—Swiss Franc Positions, con. 

TABLE FCP-III-2.—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 279,171 282,007 50,539 55,470 53,399 45,776 45,632 44,198 1,190 1.3818 

2003 - Dec................... 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407 

2004 - July................... 503,351 523,722 47,837 51,212 64,688 63,316 64,142 59,691 3,166 1.2812 

Aug .................. 522,270 536,267 49,249 51,143 63,001 61,076 52,376 47,313 3,676 1.2670 

Sept................. 500,703 513,149 51,310 54,390 63,427 58,436 66,872 59,700 3,656 1.2453 

Oct................... 540,171 554,896 54,019 56,627 61,589 56,975 53,790 44,014 4,616 1.2010 

Nov .................. 552,963 566,383 55,051 58,714 63,773 58,992 58,300 54,907 6,175 1.1426 

Dec .................. 513,527 535,713 52,492 57,292 54,511 52,132 53,509 47,728 2,918 1.1417 

2005 - Jan ................... 586,149 593,598 53,513 57,250 61,591 62,391 56,706 50,204 2,962 1.1880 

Feb .................. 643,727 652,833 62,280 67,060 65,712 64,044 58,165 48,732 1,743 1.1589 

Mar .................. 491,686 501,555 56,418 59,111 63,362 59,179 57,278 47,309 3,110 1.1956 

Apr................... 529,555 539,042 62,644 65,455 89,667 84,655 60,050 49,488 3,155 1.1904 

May.................. 502,899 508,015 54,748 57,156 104,110 103,349 86,152 71,474 1,359 1.2449 

June................. 554,022 564,714 54,926 58,070 103,375 101,358 82,758 71,669 1,718 1.2829 

 

TABLE FCP-III-3.—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 

2003 - Mar................... 27,061 36,052 25,146 9,876 n.a. n.a. 4,229 3,551 -193 1.3506 

June................. 26,550 37,574 25,367 10,203 n.a. n.a. 8,087 3,751 -1,174 1.3515 

Sept................. 23,450 34,639 26,605 8,462 n.a. n.a. 3,873 1,906 90 1.3179 

Dec .................. 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 

2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 

June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 

Sept................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 

Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 

2005 - Mar................... 16,896 29,821 38,291 10,119 491 658 1,623 493 n.a. 1.1956 

 
FOREIGN CURRENCY POSITIONS 

September 2005

100

SECTION IV.—Sterling Positions 

TABLE FCP-IV-1.—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

01/05/05 .................................................................. 650,071 636,132 1,335 1.8875 

01/12/05 .................................................................. 654,286 639,491 1,455 1.8932 

01/19/05 .................................................................. 663,681 650,324 1,559 1.8742 

01/26/05 .................................................................. 666,819 653,758 1,103 1.8833 

 

02/02/05 .................................................................. 645,675 636,249 1,300 1.8826 

02/09/05 .................................................................. 659,308 647,000 1,233 1.8582 

02/16/05 .................................................................. 686,370 670,037 1,623 1.8780 

02/23/05 .................................................................. 685,686 669,755 1,720 1.9066 

 

03/02/05 .................................................................. 706,354 692,968 1,698 1.9124 

03/09/05 .................................................................. 738,362 725,165 1,524 1.9239 

03/16/05 .................................................................. 660,297 647,466 1,280 1.9264 

03/23/05 .................................................................. 652,424 637,698 1,220 1.8712 

03/30/05 .................................................................. 652,536 638,361 1,134 1.8816 

 

04/06/05 .................................................................. 641,000 630,356 1,137 1.8787 

04/13/05 .................................................................. 660,028 656,491 1,407 1.8930 

04/20/05 .................................................................. 674,573 667,830 1,987 1.9197 

04/27/05 .................................................................. 694,457 691,347 2,074 1.9047 

 

05/04/05 .................................................................. 684,336 678,696 1,672 1.9000 

05/11/05 .................................................................. 683,701 678,566 617 1.8735 

05/18/05 .................................................................. 694,327 690,820 22 1.8382 

05/25/05 .................................................................. 704,072 696,719 176 1.8312 

 

06/01/05 .................................................................. 727,672 721,959 825 1.8120 

06/08/05 .................................................................. 761,413 756,855 2,351 1.8368 

06/15/05 .................................................................. 701,994 700,348 2,400 1.8219 

06/22/05 .................................................................. 694,405 691,319 2,175 1.8218 

06/29/05 .................................................................. 690,255 686,477 1,173 1.8080 

 
FOREIGN CURRENCY POSITIONS 

September 2005 

101

SECTION IV.—Sterling Positions, con. 

TABLE FCP-IV-2.—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2002 - Dec................... 424,513 428,433 196,385 182,170 26,278 22,651 27,928 26,744 -396 1.6094 

2003 - Dec................... 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 

2004 - July................... 668,036 662,765 220,177 214,743 40,892 38,914 36,817 38,446 -227 1.8208 

Aug .................. 671,112 663,402 199,890 193,803 42,794 42,899 37,278 37,193 -4,097 1.8021 

Sept................. 668,562 659,611 243,653 201,760 55,836 53,823 37,383 38,494 -4,835 1.8117 

Oct................... 662,001 653,914 236,163 226,438 47,066 44,365 38,651 40,703 4,801 1.8345 

Nov .................. 679,947 673,508 235,802 223,568 51,232 45,898 38,699 46,440 1,814 1.9073 

Dec .................. 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 

2005 - Jan ................... 679,431 668,728 233,635 221,171 41,784 39,146 34,094 36,884 1,372 1.8850 

Feb .................. 710,790 700,896 247,649 234,939 37,725 35,175 32,941 36,574 1,852 1.9249 

Mar .................. 651,827 643,792 231,793 219,823 37,851 36,279 36,356 39,891 1,391 1.8888 

Apr................... 689,982 690,704 229,252 215,073 60,876 60,130 58,794 65,500 1,971 1.9122 

May.................. 672,862 670,510 222,727 210,566 61,151 57,461 63,736 70,856 379 1.8231 

June................. 709,800 711,569 227,427 216,639 58,788 55,392 63,288 68,753 1,830 1.7930 

 

TABLE FCP-IV-3.—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2002 - Dec................... 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 

2003 - Mar................... 31,799 34,426 41,449 29,508 1,006 956 3,265 3,327 -105 1.5830 

June................. 31,339 35,450 43,806 28,353 1,245 2,076 4,107 3,675 n.a. 1.6552 

Sept................. 35,979 37,437 43,092 27,499 950 1,374 3,431 2,835 375 1.6639 

Dec .................. 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 

2004 - Mar................... 34,663 40,633 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 

June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 

Sept................. 29,761 37,820 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 

Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 

2005 - Mar................... 31,551 42,100 47,135 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 

 
FOREIGN CURRENCY POSITIONS 

September 2005

102

SECTION V.—U.S. Dollar Positions 

TABLE FCP-V-1.—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

01/05/05 ................................................................ 7,375,428 7,386,145 -3,392 n.a. 

01/12/05 ................................................................ 7,535,268 7,549,813 -388 n.a. 

01/19/05 ................................................................ 7,624,089 7,648,066 4,595 n.a. 

01/26/05 ................................................................ 7,616,795 7,626,028 3,748 n.a. 

 

02/02/05 ................................................................ 7,565,236 7,584,330 2,892 n.a. 

02/09/05 ................................................................ 7,721,412 7,752,461 3,810 n.a. 

02/16/05 ................................................................ 7,830,454 7,865,991 708 n.a. 

02/23/05 ................................................................ 7,884,792 7,917,557 -178 n.a. 

 

03/02/05 ................................................................ 7,956,568 7,988,990 2,864 n.a. 

03/09/05 ................................................................ 8,372,944 8,426,371 58 n.a. 

03/16/05 ................................................................ 7,460,328 7,492,177 632 n.a. 

03/23/05 ................................................................ 7,580,397 7,613,383 5,145 n.a. 

03/30/05 ................................................................ 7,477,582 7,512,766 2,124 n.a. 

 

04/06/05 ................................................................ 7,301,387 7,339,891 636 n.a. 

04/13/05 ................................................................ 7,407,469 7,411,461 -6,195 n.a. 

04/20/05 ................................................................ 7,613,962 7,636,725 -9,558 n.a. 

04/27/05 ................................................................ 7,856,604 7,888,975 -7,459 n.a. 

 

05/04/05 ................................................................ 7,819,382 7,842,125 -9,754 n.a. 

05/11/05 ................................................................ 7,769,476 7,800,631 -5,333 n.a. 

05/18/05 ................................................................ 7,886,565 7,893,198 -7,377 n.a. 

05/25/05 ................................................................ 7,926,349 7,935,689 -10,505 n.a. 

 

06/01/05 ................................................................ 8,295,929 8,314,964 -9,690 n.a. 

06/08/05 ................................................................ 8,471,013 8,484,118 -14,578 n.a. 

06/15/05 ................................................................ 7,807,786 7,824,296 -19,854 n.a. 

06/22/05 ................................................................ 7,950,424 7,948,079 -21,238 n.a. 

06/29/05 ................................................................ 8,001,605 7,981,665 -16,470 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 2005 

103

SECTION V.—U.S. Dollar Positions, con. 

TABLE FCP-V-2.—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2002 - Dec................... 4,828,993 4,789,483 - - 627,016 570,259 593,640 573,324 -988 n.a. 

2003 - Dec................... 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 

2004 - July................... 6,957,445 6,974,373 - - 1,013,558 991,696 1,073,607 1,106,768 -1,504 n.a. 

Aug .................. 6,997,715 7,002,637 - - 983,906 961,122 1,083,807 1,122,249 120 n.a. 

Sept................. 6,943,855 6,993,109 - - 1,008,080 980,918 1,085,726 1,089,817 -733 n.a. 

Oct................... 7,376,739 7,430,778 - - 1,020,753 1,035,333 1,238,798 1,276,135 -5,713 n.a. 

Nov .................. 7,722,251 7,842,997 - - 1,094,821 1,132,451 1,296,941 1,335,573 -13,694 n.a. 

Dec .................. 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 

2005 - Jan ................... 7,969,071 7,973,126 - - 1,208,933 1,170,552 1,314,675 1,357,263 6,552 n.a. 

Feb .................. 8,355,432 8,386,945 - - 1,222,120 1,207,448 1,274,898 1,301,192 -1,020 n.a. 

Mar .................. 7,878,352 7,912,104 - - 1,262,340 1,220,219 1,236,568 1,263,695 1,522 n.a. 

Apr................... 8,293,742 8,356,941 - - 1,396,743 1,288,031 1,183,632 1,176,618 -8,357 n.a. 

May.................. 7,754,831 7,782,474 - - 1,344,379 1,294,560 1,209,690 1,233,083 -10,716 n.a. 

June................. 8,345,528 8,353,702 - - 1,347,555 1,312,386 1,170,162 1,176,726 -16,891 n.a. 

 

TABLE FCP-V-3.—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2002 - Dec................... 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 

2003 - Mar................... 418,611 465,808 - - n.a. n.a. n.a. n.a. 1,117 n.a. 

June................. 468,160 456,607 - - n.a. n.a. n.a. n.a. 4,747 n.a. 

Sept................. 448,471 463,129 - - 50,453 44,020 n.a. n.a. 2,711 n.a. 

Dec .................. 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 

2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. 

June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. 

Sept................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. 

Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 

2005 - Mar................... 447,805 454,607 - - 11,614 11,133 12,816 n.a. 15,946 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 2005

104

SECTION VI.—Euro Positions 

TABLE FCP-VI-1.—Weekly Report of Major Market Participants 

[In millions of euros. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

01/05/05 .................................................................. 2,262,924 2,308,069 -665 0.7523 

01/12/05 .................................................................. 2,311,800 2,347,910 -843 0.7530 

01/19/05 .................................................................. 2,347,072 2,388,579 -2,329 0.7671 

01/26/05 .................................................................. 2,309,577 2,351,040 -2,528 0.7645 

 

02/02/05 .................................................................. 2,333,860 2,363,046 -3,139 0.7683 

02/09/05 .................................................................. 2,407,291 2,437,200 -3,661 0.7814 

02/16/05 .................................................................. 2,399,537 2,424,600 -3,079 0.7696 

02/23/05 .................................................................. 2,399,031 2,425,187 -4,584 0.7571 

 

03/02/05 .................................................................. 2,408,619 2,433,245 -4,290 0.7618 

03/09/05 .................................................................. 2,523,136 2,548,470 -2,644 0.7472 

03/16/05 .................................................................. 2,262,837 2,286,781 -1,934 0.7450 

03/23/05 .................................................................. 2,318,703 2,335,538 -4,071 0.7689 

03/30/05 .................................................................. 2,261,642 2,272,980 -4,045 0.7726 

 

04/06/05 .................................................................. 2,209,762 2,215,509 -3,422 0.7771 

04/13/05 .................................................................. 2,276,979 2,278,618 -4,061 0.7741 

04/20/05 .................................................................. 2,327,296 2,321,630 -1,505 0.7645 

04/27/05 .................................................................. 2,422,413 2,408,956 -3,122 0.7729 

 

05/04/05 .................................................................. 2,410,087 2,406,580 -2,507 0.7730 

05/11/05 .................................................................. 2,412,660 2,406,337 -3,809 0.7811 

05/18/05 .................................................................. 2,380,530 2,385,091 -375 0.7899 

05/25/05 .................................................................. 2,382,959 2,393,118 614 0.7935 

 

06/01/05 .................................................................. 2,577,970 2,593,091 2,846 0.8175 

06/08/05 .................................................................. 2,627,117 2,641,363 4,232 0.8117 

06/15/05 .................................................................. 2,529,207 2,536,154 5,160 0.8260 

06/22/05 .................................................................. 2,546,950 2,560,712 5,724 0.8244 

06/29/05 .................................................................. 2,534,240 2,558,346 4,126 0.8264 

 
FOREIGN CURRENCY POSITIONS 

September 2005 

105

SECTION VI.—Euro Positions, con. 

TABLE FCP-VI-2.—Monthly Report of Major Market Participants 

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2002 - Dec................... 1,625,180 1,696,157 1,040,749 995,578 267,591 247,397 203,958 236,553 -2,361 0.9527 

2003 - Dec................... 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952 

2004 - July................... 2,053,912 2,096,653 1,005,155 941,758 310,121 284,439 295,097 319,409 -6,306 0.8319 

Aug .................. 2,039,102 2,085,112 996,261 942,780 303,564 277,764 288,716 308,821 -5,970 0.8216 

Sept................. 2,088,842 2,113,588 1,054,841 999,611 316,930 294,062 294,362 309,120 -9,163 0.8042 

Oct................... 2,193,509 2,224,042 1,074,967 1,014,200 328,338 302,371 287,636 302,683 -1,677 0.7846 

Nov .................. 2,324,168 2,375,753 1,066,185 1,001,614 348,482 325,140 297,059 324,504 -2,778 0.7542 

Dec .................. 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 

2005 - Jan ................... 2,336,298 2,385,448 1,106,604 1,058,238 326,898 293,256 306,125 334,474 -965 0.7663 

Feb .................. 2,442,907 2,477,006 1,123,307 1,085,590 291,464 285,805 313,536 339,762 -3,790 0.7534 

Mar .................. 2,323,661 2,339,046 1,096,419 1,065,712 316,547 295,261 311,445 341,831 -5,566 0.7711 

Apr................... 2,484,698 2,484,953 1,119,763 1,100,777 327,186 288,319 331,656 371,566 -3,307 0.7741 

May.................. 2,289,976 2,308,066 1,158,512 1,133,710 353,316 304,575 353,750 410,408 1,564 0.8098 

June................. 2,604,992 2,625,189 1,238,831 1,207,527 371,521 301,145 383,421 449,945 6,374 0.8266 

 

TABLE FCP-VI-3.—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2002 - Dec................... 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527 

2003 - Mar................... 174,551 165,959 179,611 146,054 n.a. n.a. 21,449 15,577 -2,428 0.9153 

June................. 178,372 170,896 197,305 169,747 n.a. n.a. 26,352 17,778 3,663 0.8687 

Sept................. 178,580 160,509 161,112 111,712 n.a. n.a. 16,932 9,813 -1,316 0.8574 

Dec .................. 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 

2004 - Mar................... 175,305 179,774 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120 

June................. 178,189 190,395 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 

Sept................. 145,258 149,813 198,168 112,634 13,785 n.a. 9,761 10,839 455 0.8042 

Dec .................. 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 

2005 - Mar................... 140,145 149,484 217,956 127,548 9,171 4,963 7,254 8,662 -37 0.7711 

 
September 2005 

106

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of Dec. 31, 2004, and Mar. 31, 2005 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital Dec. 31, 2004 

Jan. 1, 2005, 

through 

Mar. 31, 2005 Mar. 31, 2005 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 10,285,485 1,800,815 12,086,300 

Special drawing rights 1 ........................................................... 13,677,289 -2,065,356 11,611,933 

Foreign exchange and securities: 

European euro ..................................................................... 12,028,219 -442,410 11,585,809 

Japanese yen....................................................................... 9,199,069 -389,392 8,809,677 

Accounts receivable................................................................. 123,170 3,114 126,284 

Total assets.......................................................................... 45,313,232 -1,093,229 44,220,003 

 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 27,942 836 28,778 

Total current liabilities ...................................................... 27,942 836 28,778 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,609,019 -206,662 7,402,357 

Total other liabilities ......................................................... 9,809,019 -206,662 9,602,357 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 35,276,271 -887,403 34,388,868 

Total capital...................................................................... 35,476,271 -887,403 34,588,868 

Total liabilities and capital............................................ 45,313,232 -1,093,229 44,220,003 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

September 2005 

107

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Jan. 1, 2005, 

through 

Mar. 31, 2005 

Fiscal year to date 

Oct. 1, 2004, 

through 

Mar. 31, 2005 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 728,749 -900,913 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ........................................... 168,766 -155,423 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 61,443 30,130 

U.S. Government securities......................................................... 115,612 66,577 

Foreign exchange ........................................................................ 145,654 72,226 

Commissions ............................................................................... - - 

Income from operations............................................................... 1,220,224 -887,403 

Net income (+) or loss (-)............................................................. 1,220,224 -887,403 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
TrustFunds
TRUST FUNDS 

September 2005 

111

TABLE TF-15A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2006. 

The 24-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2006. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2006) .............................................................................................................. 77 

less: 

 

Cash balance (fiscal year 2006) ......................................................................................................................................................................................... 11 

Unfunded authorizations (fiscal year 2006)........................................................................................................................................................................ 66 

24-month revenue estimate (fiscal years 2007 and 2008)................................................................................................................................................. 70.70 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2006) .............................................................................................................. 7 

less: 

 

Cash balance (fiscal year 2006) ......................................................................................................................................................................................... 8 

Unfunded authorizations (fiscal year 2006)........................................................................................................................................................................ -1 

24-month revenue estimate (fiscal years 2007 and 2008)................................................................................................................................................. 11 

Note: At press time, H.R. 3, the “Safe, Accountable, Flexible, Efficient Transportation 

Equity Act: A Legency for Users,” had just been passed, and analysis of the bill was 

being finalized. As a result, the numbers above still reflect the fiscal year 2006 

President’s Budget, and do not reflect the recent changes to the Byrd Test. The next 

quarterly publication will be updated with these changes. 
TECHNICAL PAPERS 

September 2005 

112

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1425 New York Ave., NW., Room 1000 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
September 2005 

113

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I, and J are discount or accrual type 

bonds—meaning principal and interest are paid when bonds 

are redeemed. Series G, H, HH, and K are current-income 

bonds, and the semiannual interest paid to their holders is not 

included in accrued discount. 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-2, -3)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-2)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of June 2005, the debt 

limit was $8,184,000 million; the limit may change from year 

to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-2)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 
GLOSSARY 

September 2005 

114

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), and savings notes issued between May 1967 

and October 1970 have a final maturity of 30 years. Series HH 

bonds (issued since January 1980) mature after 20 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 
GLOSSARY 

September 2005 

115

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-3)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (FD-2)—(SLUGs) 

Special nonmarketable certificates, notes, and bonds offered 

to State and local governments as a means to invest proceeds 

from their own tax-exempt financing. Interest rates and 

maturities comply with IRS arbitrage provisions. SLUGs are 

offered in both time deposit and demand deposit forms. Time 

deposit certificates have maturities of up to 1 year. Notes 

mature in 1 to 10 years and bonds mature in more than 10 

years. Demand deposit securities are 1-day certificates rolled 

over with a rate adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).